Probate Lawyers in NYC

How Probate Works in New York – Naming an Executor

An executor manages the estate after the owner’s passing, and the individual is often a family member, a trusted friend, or an attorney.

The role of an executor is to read the owner’s will and follow all instructions in the estate plan as outlined by the owner. The executor contacts all parties listed in the estate owner’s will and reads the will when all parties are present.

If there are any disputes about assignments in the will, the executor can advise the family on who to talk to about these issues.

What To Expect From Probate

When visiting with an NYC probate lawyer, estate owners learn all about their options for setting up a suitable plan.

The first task is often to create a will that outlines how all assets and money owned by the estate owner is distributed to their heirs.

If the owner wants to add stipulations, that can be accomplished. In the will, the person will also discuss any guardianship assignments for minor children and how the children’s inheritance is managed until the child reaches adulthood.

Why Are Wills and Trusts a Must for Estate Owners?

A will is a must because, in the absence of a will, the probate court could determine how the person’s assets are distributed. If money is owed, then creditors can seize certain assets to pay outstanding debts.

Trusts or trust funds are great ways to separate assets from the estate. Trust funds are managed differently than trusts, and the trust funds are still considered a part of the estate.

However, an irrevocable trust removes assets from the estate and prevents the items or money from having to go through probate court. A successor takes over after the estate owner dies and manages all assets in the trust.

Protecting Major Assets in Probate Court

NYC probate law firms provide help with asset protection and help people come up with an estate plan.

In NYC probate court, the transfer of ownership takes place when the will is read. When at asset is legally disbursed from an estate, it can prevents creditors from collecting the assets. This of course depends on the nature of the will and assumes debt can be avoided in probate court.

Creating a Plan to Manage Debts

In an estate plan, the owner could also set up a separate plan for settling debts, such as setting up a savings account separate from the estate. To pay off debts when the estate owner is no longer alive, further planning is required.

Estate owners can learn more about these plans and how to protect assets for their families by contacting an experienced probate attorney in New York City.