Executing Probate in New York
When someone dies with a Will, there are assets in that person’s name, the nominated executor of the Will must get assistance handling it and getting it probated. When there is no Will, this person should be appointed as the administrator if they are a close enough relative to the deceased person.
If someone has died, their bank will require proof that you have the right to the funds when attempting to retrieve their remaining funds. They want to see that the court has appointed somebody, either an executor with a Will or an administrator without a will.
An executor should hire an experienced wills lawyer soon after someone has passed to provide guidance with all parts of the probate process. Some of these additional tasks will be the valuing of assets and the creation of an estate plan and an executor should not have to handle it all on their own.
Role of an Executor
An executor is a person put in charge under the Will and who makes arrangements to have the Will admitted to probate. When the executor is appointed as executor, that person must collect all of the assets, pay all the taxes and debts, and distribute whatever is left to the people named in the Will. If the decedent had a house or a business that must be sold, the executor will take care of those assets as well. The executor steps into the shoes of the person who died will handle all of their remaining affairs, and is required to address all outstanding issues.
A person becomes an executor by being named as the executor in the Will. When the Will is admitted to probate, the court appoints that person the executor. The court issues a decree saying the Will was admitted to probate, and it issues a Letter of Testamentary, which is evidence of the executor’s authority to act on behalf of the estate. The executor usually initiates the probate proceeding by filing a petition.
Role of an Attorney
A New York probate lawyer’s primary role is to prepare all the documents for the executor. They are an essential help in making the process smooth. They have the executor appointed and advise the executor as to how to proceed on a variety of matters. This includes various things such as payment of estate taxes, outstanding income taxes, and payment of bills. An experienced probate lawyer in New York will advise the executor as to the efficient distribution of all of the assets and will make sure the terms of the Will are honored.
An executor should hire a probate lawyer because most people are not familiar with all of the issues that an executor must face, and a probate lawyer local in New York will be able to effectively ease the process and explain and solve any potential issues an executor will face.