A will contest can result in a significant delay in the distribution of a loved one's assets. Also, because the costs of will contest are paid out from the estate, the available funds can be significantly depleted. If you are concerned that a will may be subject to a will contest, contact an experienced probate and estate administration attorney right away.
Albany New York Probate Attorney
To better prepare you and your family for the probate process, gather all names and contact information for those individuals who may be entitled to the estate, including all actual and contingent parties. Adequate planning can save you time and money throughout the probate process. At the Law Offices of William L. Fox, in East Greenbush, New York, we have over 25 years of experience providing clients effective and efficient legal solutions. Contact us for an initial consultation.
The following is intended to provide you with a general overview of probate and estate administration. Please contact us to discuss your unique situation and receive an initial consultation.
Law Offices of William L. Fox
Albany, New York, Probate Administration and Estate Planning Lawyer
4 Springhurst Drive, Suite 107
East Greenbush, NY 12061
Phone: (518) 477-7553
Fax: (518) 477-7599
The Law Offices of William L. Fox serves clients throughout New York, including Albany, East Greenbush, Rensselaer, Schenectady, Troy, Saratoga Springs, Lake George, Columbia County, the Capital District, Tech Valley, and Hudson Valley.
Probate and Estate Administration - An Overview
Administration of a decedent's estate involves, among other things, probating the estate, collection of the decedent's assets, calculation and payment of estate taxes, and the distribution of remaining assets. An attorney who is competent and experienced in probate and estate administration can facilitate this often difficult process in a timely and effective manner. If you need help in the administration of an estate, call an attorney today.
Avoiding Probate
The probate process serves the vital purpose of ensuring that assets of an individual's estate are properly distributed to creditors, heirs and beneficiaries. However, the probate process can be slow and can often tie up property for several months. It is also costly - attorney fees, executor fees, and court fees are paid out of the estate, thus reducing the amount left for distribution. For these reasons, many people arrange their affairs so that their loved ones do not have to go through the probate process and can receive the assets from the estate more efficiently.
There are several methods that can be used to avoid the probate process and to distribute assets immediately at the time of the decedent's death. Among these methods are:
- Joint Ownership with Rights of Survivorship;
- Beneficiary Designation; and
- Revocable Living Trusts.
If you are interested in helping your loved ones avoid probate when you are gone, you should seek legal advice.
Role of Executor
An executor is the person named by the person who made the will (the testator) to carry out the terms and provisions of his or her will. In addition to locating documents left by the testator (i.e., wills, trusts, deeds, etc.) and notifying Social Security, pension providers, annuity providers, and other entities of the death, the executor has numerous other legal responsibilities, including:
- Initiating the probate of the will;
- Collecting and inventorying the testator's assets;
- Collecting debts owed to the estate;
- Distributing assets to the beneficiaries of the will; and
- Closing the estate.
These responsibilities can be daunting and time-consuming, so many executors hire an attorney to assist them. The attorney - and the executor - are generally compensated out of the estate itself. If you have been named the executor of an estate, contact a probate and estate administration attorney to discuss your role and the estate administration process.
Non-Probate Estates
Assets disposed of outside the probate process are part of the non-probate estate. Since a probate proceeding is not required, these assets are distributed more quickly to the appropriate beneficiaries. Many people seek out these assets and ownership models in order to save their loved ones from the difficulties associated with going through the probate courts. If you are interested in managing your finances and your property so that your family does not have to go through probate, then contact an experienced estate planning attorney for advice.
Assets Always Considered Non-Probate Assets
Certain types of assets, because of their contractual nature, are always part of the non-probate estate.
Will Contests
The fact that a person (the decedent) leaves a will does not guarantee that the decedent's property will be distributed according to the will's terms. A court generally must provide an opportunity to allow others to object to the will, and a challenge may be brought by anyone who feels the will is inaccurate or invalid in some way. A will contest is an action challenging the validity of the will or its terms and is commonly governed by state statutes or the Uniform Probate Code. If you feel that a will is inaccurate or invalid, or if someone is challenging a will you are administering or benefiting from, you should contact an attorney with experience in will contest cases. These types of cases are difficult and emotionally-charged, so it is important to find an attorney with whom you feel comfortable.
Probate and Estate Administration Resource Links
Uniform Probate Code
This page, maintained by Cornell University Law School, identifies the states that have adopted, at least in part, the Uniform Probate Code. Links are also provided to each state's version of the code.
Internal Revenue Service
The IRS website has information on the federal estate tax, including information on recent reforms to estate tax laws.
Executors
The page maintained by the H.E.L.P. organization, and provides an overview of the executor's, personal representative's, and trustee's estate administration responsibilities.
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Frequently Asked Questions about Probate and Estate Administration
Q: What is the purpose of the probate procedure?
A: The probate procedure is the court procedure by which a will is proved to be valid or invalid. Creditors of the estate have the opportunity to file claims against the estate and receive payment of those claims. After the administration fees and creditor claims are paid, the assets of the estate are distributed.
Q: What are methods for preserving assets of the probate estate?
A: There are many ways to preserve probate estate assets. In association with an attorney and tax advisor, you can:
- Determine whether administration expenses and casualty losses should be reported on the estate tax return or on the estate's income tax return.
- Consider whether there are income tax savings opportunities on the decedent's final return (such as whether or not a joint return should be filed with the surviving spouse).
- Consider whether assets should be valued at the date of the decedent's death or six months later (or, if the assets have been distributed prior to six months after the decedent's death, the date of the disposition of the assets).