The Probate Process

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The Probate Process
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Probate is about passing one's estate to his
chosen heirs or others who are named in the will
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It's limited only to assets in the deceased's
name alone no joint property
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Probate can sometimes take as long as a year to
wrap up- it can extend far longer than that,
though
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While every probate is different, there are a few
common denominators in each
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The first thing that happens in the probate
process is the filing of the will
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If there's no will with a named executor, the
court will attempt to locate and verify the next
of kin to serve in the role of administrator
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Next, the assets are secured and properly
inventoried
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The inventory becomes part of the probate
process
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Creditors must be determined and debts
acknowledged
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A new checking account exclusively for the
estate is usually required
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Federal tax filings may be required
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After those obligations have been met, the
administrator or executor will begin distributing
the assets to the heirs
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Note
This final step won't likely be allowed until a
certain time passes that will allow creditors to
lay potential claims to the assets of the estate
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Probate can be avoided in many instances
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Probate can be avoided in many instances
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Setting up trusts
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Probate can be avoided in many instances
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Setting up trusts
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Keeping assets as joint possessions
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Speak with an estate planning lawyer to ensure
you're in compliance with both state and federal
laws
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The Role of the Will
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A will doesn't have to be a 50 page document
loaded with legal terminology
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It can be a simple declaration that tells
witnesses where you would like to leave your
assets
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It can be a simple declaration that tells
witnesses where you would like to leave your
assets
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The absence of a will is a sure fire way of
sending your estate to probate
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Don't underestimate the power in covering the
bases and assuming nothing
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Take your lawyer's advice and review your estate
plan on a regular basis
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Life Changes
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Life Changes
Wealth changes
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Life Changes
Wealth changes
Marriages end or begin
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Life Changes
Wealth changes
Marriages end or begin
Children are born
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Ensure your family and loved ones are cared for
when you no longer can do so
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Learn More About the Probate Process in New York
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Click to visit www.kobricklaw.com
Click to visit www.kobricklaw.com