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How to Avoid Probate in NY

What is Probate?

Probate is the court-supervised process of validating a decedent's will and settling the decedent's personal and financial affairs.

  • If there is a will, an executor named in the will is appointed to manage the estate.
  • Without a will, the court appoints an administrator to settle the estate.
  • The executor or administrator is responsible for:
    • Paying the decedent's bills and taxes
    • Defending any lawsuits
    • Distributing what's left to the beneficiaries

Probate ties up the property, thus some people elect to avoid the process to allow for faster distribution of assets.

probate court document

Avoiding Probate in NY

Due to the fact that probate can be a costly and lengthy process, some of our clients wish to arrange their estates in such a manner that they avoid probate. Other clients want their beneficiaries to have access to their inheritance faster, thus we show them how to avoid probate.

Ways to Avoid Probate in NY include:

  • Having a Living Trust
  • Owning Joint Bank Accounts
  • Designation of POD bank accounts
  • Survivorship & Joint-tenancy Rights
  • IRAs
  • Registration of TOD Securities
  • Annuities

At The Law Office of Michael J. Brescia, P.C., we understand that every client and every estate is different. What may work for you, may not work for a close relative or a friend. We can help you arrange your assets so they avoid probate in whole, or in part depending upon your wishes.

What Assets Go Through Probate?

"Probate assets" are those that belong to the decedent exclusively and pass through a will. In order to avoid probate, you need to rearrange your assets so they aren't subject to probate proceedings and therefore pass outside of a will.

    What Types of Assets Cannot Go Through Probate?

    • Assets held in a living trust
    • Joint ownership of property
    • Payable-on-death designations for bank accounts
    • Transfer-on-death designations for securities
    • Retirement accounts with beneficiary designations

    What are the Advantages of Revocable Living Trusts?

    In New York, revocable living trusts are excellent tools for avoiding probate. You can fund the trust with virtually any asset you own including real estate, bank accounts, and automobiles and so on. You can serve as the trustee of your trust during your lifetime and appoint a successor trustee to take over after you pass. This is crucial – you must transfer ownership of your property to yourself as the trustee. Once the trust is properly funded, your trust property is controlled by the terms you set forth in the trust.

    Essentially, by arranging your assets so they pass automatically to a beneficiary or so they are held within a trust or jointly with another person, you can avoid the hassle and expense of probate.

    Contact a Long Island Probate Lawyer Today!

    For more information about estate planning and avoiding probate, contact a Long Island attorney from The Law Office of Michael J. Brescia, P.C. We have an in-depth understanding of New York's probate laws and can help you rearrange your assets so they avoid probate.

    Are you in need of legal guidance on avoiding probate in NY? Call The Law Office of Michael J. Brescia, P.C. today at (631) 386-8767 or contact us online to schedule a free consultation!

    Why Choose Us?

    • Nearly 15 Years of Experience

    • Individual Focus, Personal Representation

    • Broad Range of Experience & Knowledge

    • Prioritizing the Best Interests of Our Clients

    Contact Us Today

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