Share:

When someone passes away, their loved ones can’t simply divide up their property between themselves. Instead, their estate will likely have to go through probate, a complicated legal process that may take several months, or even possibly years, to complete. Although Probate has undergone attacks in recent years as being too costly, lengthy and complicated, we still recommend this process for those in certain situations as it remains a viable method of ensuring that one’s estate passes as intended by the decedent.

That being said, we also encourage simplification when the assets can be transferred as intended. Understanding probate and probate alternatives will help reduce the stress and confusion of guiding a family member’s estate through the system.

A Brief Guide to Probate

Probate is the legal process of closing a deceased person’s estate by settling their outstanding debts, liquidating assets, and distributing the estate in accordance with the decedent’s wishes. The first step is applying to Surrogate’s Court so that the Executor(rix) can be formally  appointed.  Upon such appointment, Surrogate’s Court issues a document referred to as “Letters Testamentary”.  Notice must be given to all relatives who would have inherited if there wasn’t a will. Their consent must be obtained or a Citation will be issued directing them to appear in Court so that they may voice their objection or else the Court will proceed with admitting the Will to probate. 

During probate, the executor of the estate will have to close the decedent’s accounts, contact creditors , and conduct a thorough inventory of the estate. Any legal challenges will also have to be settled. Probate always requires careful record-keeping on the part of the executor so that beneficiaries are assured that they are receiving their fair share.

Probate & Probate Alternatives

Small Estates

probate and probate alternativesWhile many estates will have to go through probate, many states offer a simplified process for small estates. In New York, a family member may file a small estate affidavit if the value of the decedent’s estate was less than $30,000 at the time of their death. If approved, this program allows you to divide and distribute the decedent’s assets without going through court.

Avoiding Probate:Establishing a Trust

A trust is a separate legal entity which takes legal ownership of your assets and uses them for your benefit. Upon the beneficiary’s death, the trust can either be dissolved and the assets distributed to their heirs, or a new beneficiary can be named. Estates in a trust can bypass the probate process entirely, which may be especially useful so long as you have a Trustee that you trust implicitly.


 

If you’re putting together an estate plan, Pelkey & Pelkey, P.C. has the legal experience to protect the assets of those you love. Families throughout the Greater Rochester, NY, area rely on their legal team, thanks to their personalized service and detailed knowledge of probate and probate alternatives. Visit their website for more on their estate planning services or call (585) 544-3440 to schedule a consultation.

tracking