Probate Lawyer in Brooklyn, NY: Customizing Your Estate Plan for Minimal Probate
Your estate plan is one of the most important decisions you'll ever make. Whether your estate consists of a huge mansion in a modest home in Brooklyn, New York, there are steps that can be taken to minimize probate and its associated costs and delays. We have compiled this blog post with information on how to customize your estate planning for minimal probate Brooklyn.
The probate process
It can be long and arduous. It can take up to a year or longer for the court-supervised process of transferring assets from your name to that of beneficiaries once you have passed away. The probate attorney Brooklyn process is best initiated with the death of the person who is being processed. The executor or administrator of the estate will then have to prepare a petition for an order of distribution. This petition must be filed with the court assigned to Probate Attorney Brooklyn matters. Once it has been filed, a notice of probate proceedings is required to be published in a newspaper of general circulation.
What is a will and what does it cover?
A will is a legal document that states your wishes for the distribution of property after you die. In addition to real estate, vehicles, and other tangible items, some people place cash in bank accounts, stocks or bonds into their wills as well. A person can name anyone they choose to receive their assets upon death including family members and friends but these gifts may be subject to inheritance tax which varies from state to state. It's important when naming beneficiaries on a will not only consider whom you want to receive your property but also whether this person would have any liability associated with receiving it such as debts owed by the deceased party at the time of death probate lawyer Brooklyn.
Who can inherit my estate without going through probate court?
One of the people who can inherit your estate without going through probate court is your spouse. However, if they have remarried then they cannot receive any property Brooklyn Probate Lawyer. The beneficiary will have to go through probate court before receiving anything from the estate. Your spouse can also donate some of their inheritance to a qualified charity and avoid having to go through probate court. This is a great option for people who want to give back after inheriting an estate or have been gifted something from someone's estate.
When should I make a will?
The sooner, the better. If you die without a will (“intestate”), state law determines who gets your property and how much they get. And that may not be what you would want. Most people don't know that it's never too early to make a will. A will is basically an instruction on how to distribute your estate lawyer Brooklyn after you die. So it's wise to start creating your will as soon as possible. It only takes about an hour, so there really is no excuse not to have one, especially if you have kids or are married.
Law Offices of Patel, Soltis, Cardenas, & Bost
26 Court St #2511, Brooklyn, NY 11242