Do Small Estates Have to Go Through the Probate Process?

When your loved one sadly passes away, you may quickly learned that they assigned you to be their executor in their Last Will and Testament document. This is because not all assets can be transferred directly to heirs. For some, an executor is charged with passing them through the legal process known as probate. However, if your loved one’s overall estate is rather minor and simple, you may wonder whether it is even worth it to go through these lengthy, costly, and demanding court proceedings. With that in mind, please read on to discover whether small estates are required to experience the standard probate process and how a seasoned Putnam County probate attorney at the Law Office of Andres D. Gil, PLLC, can help you understand what legal procedures to expect moving forward.

Do small estates have to go through the probate process in New York?

As an executor, you may be relieved to learn that, in New York State, small estates generally do not need to go through the full probate process. This is because it is naturally considered that simpler estates may only require more uncomplicated and far less expensive forms of asset transfers. Namely, in this state, a small estate is considered as one with a total value of assets of $50,000 or less.

Now, assets may only be counted toward this total value if they would have had to go through the standard probate process under other circumstances. Namely, this may include assets that are titled or owned solely by the descendant or that include pre-fixed beneficiary or survivor designations. And so, it does not incorporate payable-on-death accounts, transfer-on-death accounts, jointly owned bank accounts and real estate properties, and assets used to fund trusts.

How does the voluntary administration process work in New York?

In lieu of the full probate process, small estates may undergo what is referred to as New York’s voluntary administration process. Here, as an eligible survivor, you may file a petition with the Surrogate’s Court in the county where the descendant last resided. If approved, the court may grant you a certificate that names you as the voluntary administrator. In this role, you may collect the descendant’s assets, pay off their outstanding debts, taxes, and claims, and ultimately distribute their remaining estate to their heirs.

Of course, this responsibility is very much similar to that of an executor in a standard probate process. But then again, it is arguably more ideal as it offers significantly reduced court oversight. To conclude, if you wish to explore your legal options moving forward, please allow a competent Putnam County probate attorney from the Law Office of Andres D. Gil, PLLC, to be your guiding force. Please schedule your initial consultation with our firm at the first chance you get.