You are already probably on the right track if you are asking about your obligations as an executor of a New York estate. However, the question is not as simple as it might seem to you at first. Your responsibilities are subject to change based on the type of estate you are named to administer.
If you are planning your estate in New York, you may want to take a minute to review the new federal estate tax law. This could change what you do with your assets. If you already have an estate plan, you may want to make changes so your estate does not go to probate or other issues do not arise due to this new law.
There are a lot of misconceptions and misunderstands about probate in New York. It is often put out there that probate is this long, drawn-out process that is complicated to get through, but that is not always the reality. The process is often a formality needed to ensure the legal transfer of assets.
When you think about probate, you probably automatically think about a will. You may have been led to believe that all wills have to go through probate after a person dies. This is not always true. It really is dependent on each situation. Your will may never have to go through probate in New York courts, which could make things much easier on your loved ones since probate can be long and tedious.
If you have been appointed the executor of your loved one's estate, you could have many questions when it comes to your responsibilities. As executor, it is vital to avoid any breach of your fiduciary duties, which may lead to serious consequences. For example, a beneficiary could decide to take legal action against you. At Joseph A. Ledwidge, P.C., we can understand how stressful it can feel to be in this position, especially if you are mourning a loved one's death. However, you can reduce the likelihood of additional hardships by carefully going over your different responsibilities, such as managing the estate's financial affairs.
Did you know that when you die, your estate does not have to go to probate in New York? While many estates do, it is not required if you ensure everything is in proper order before you pass away. According to The Balance, there are few options you can use to help prevent your estate from having to go through probate.
The probate process can be challenging for many different reasons. However, kinship proceedings can be particularly difficult to deal with. Our firm knows that these hearings can be emotionally taxing and have a significant financial impact on those involved. As a result, it is crucial for you to pinpoint the smartest direction forward if you are preparing for a kinship hearing.
While a will may seem like the final say if your loved one in New York has passed away, the truth is that there can be many mistakes made during the writing and developing that can render the agreement invalid. If you believe that this has happened to you, we at Joseph A. Ledgwidge can represent you as you contest the will.
If you are the executor of an estate, all sorts of questions may be on your mind. For example, you may have uncertainties related to your fiduciary duties or you could be unsure of how to approach the probate process. In Jamaica, and all across the state of New York, it is vital to make sure that you are aware of your responsibilities and prepare yourself for some of the responsibilities that lie ahead. For example, if you file for probate, you may be unsure of what the filing fee is.
With regard to probate, there are many issues that executors, heirs and decedents may want to take into consideration. For example, heirs should be aware of any wrongdoing during the probate process, which leaves them with a smaller amount of assets than they were entitled to. Unfortunately, this takes place too often in New York and it can be very hard for people who are alerady going through emotional pain.