Sign New York Banking Last Will And Testament Later

Industry sign banking new york last will and testament later

hi it's Anthony let's talk about the three stages of the probate process here in New York stage one is appointing an executor Stage two is administering the estate and stage three is closing the estate most of our clients find this general overview of the probate process pretty helpful the first stage is appointing an executor the executor is the court-appointed legal representative of the estate by the way technically if there's no will he's called an administrator instead or some other titles for other situations but I'm just going to use executor interchangeably just because most folks are most familiar with that the executor receives a certificate from the court called letters testamentary this is his proof to the rest of the world that he has the legal right to do things for the estate let me give you an example how letters work imagine somebody walks into a bank and says my dad passed away I'm here to close his account and collect the money how is the bank supposed to know this person is actually the child or if there was a will that disinherited him or if there were any other siblings or a spouse who are also entitled when an executive shows his court certified letters the banks can release funds to him with confidence because the executor has shown his proof of legal authority the same also applies to real estate insurance pensions and so on how long does this stage take in the simplest of cases getting an executor appointed can be as quick as two months and on average I'd say three to four months now let's talk about stage two administering the estate once the court appoints an executor the next step is to collect assets organize debts and file taxes collecting assets means closing accounts and possibly selling real estate all the cash is then deposited into a separate bank account under the estate's name this is the gross estate or the starting total pot then we start cutting checks from that pot by paying the estate's debts and expenses and at the same time we're filing and paying paying the final taxes whatever's left is the net estate this is what we have left to divide amongst the heirs how long does administration take this stage usually takes about nine months to a year but even for those simplest of estates it takes seven months minimum and that's because there's a New York state law holding period called or statute of limitations for any unknown creditors to raise their hand and say hey you owe us some money too the last stage is closing the estate and sending inheritance checks to the heirs the executor has to prepare an accounting this is a court ledger of every dollar that went in and out of the estate and the executor sentence is accounting to all the heirs and anyone else who has a stake in the estate for heirs this is your chance to review exactly how the executor handled the estate if you have any problems or questions now is the time to say something once everyone agrees with the accounting then all the heirs sign off by signing receipt and release forms that essentially say I'm okay with the executives work I accept my calculated share and I won't sue the executor later after the executor submits all signed forms with the court he can send out checks to the heirs this closing stage typically takes one to three months but it really varies a lot some heirs want their inheritance as soon as possible and others have lots of questions so it just depends so start to finish the entire probate process typically takes a bit over a year but again it varies case-by-case and can take several years if there's conflict or other complications if you'd like to learn more I'll be happy to try to answer your questions if you haven't already you can start by calling me or sending me your contact information using the form below one of my paralegals will call you back so you can tell us your story then I'll be able to send you some more information that matches your situation and lastly if everything looks like a good fit we can schedule a one-on-one consultation to get started on your case I hope you found this helpful give me a call or fill out the form below if you'd like to learn more by now