There are some major benefits to having your Last Will and Testament document undergo the probate process. Namely, it has the New York State Surrogate’s Court intently supervise your named executor as they manage your estate’s assets, pay off your estate’s debts, and ultimately distribute them fairly and appropriately amongst your designated beneficiaries. However, there are subjective drawbacks to this legal process, which has many individuals closely consider alternative estate planning methods. Please continue reading to learn the benefits of having your will avoid the probate process and how an experienced Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC can help you do so in a legal manner.
Why would I want my will to avoid probate?
With your loved ones’ sakes at the top of your mind, below are some valid reasons for why you may want your Last Will and Testament document to avoid the probate process:
- Your loved ones may have to wait months or even years until they finally receive the assets you left behind for them.
- Your loved ones may have to incur hefty costs throughout this process, such as court fees, attorney fees, and executor fees.
- Your loved ones may exacerbate their emotional stress throughout this process, all while they are still mourning your unfortunate death.
- Your loved ones may have to live knowing that the distribution of your estate and the assets they ultimately inherited is publicly accessible.
How can my will avoid entering the probate process?
If the aforementioned scenarios are unappealing to you, you may rest easier knowing there are legal strategies for avoiding the probate process altogether. First, we should mention that New York State estate law allows for a simplified probate process for small estates valued at less than $50,000. Importantly, this total value excludes real estate property and other exempt assets. With a small estate proceeding, there is minimal court intervention or supervision.
If you do not have a small estate and rather find yourself in possession of many high-value assets, you may find it in your best interest to forgo a will for a trust. Generally speaking, the assets held within a trust are not to go through probate and must be transferred directly to your named beneficiaries instead. Without the need for a trust, other assets that are generally exempt from probate are jointly owned property with right of survivorship, life insurance policies with designated beneficiaries, and retirement accounts with designated beneficiaries.
And so, if you are ready to get started on your will writing or otherwise, now is a better time than ever to contact a skilled estate planning attorney in Putnam County. The Law Office of Andres D. Gil, PLLC is here to help.
