Did your family just find out a loved one died? This turn of events can force you to tackle so many tasks that worrying about how to go through the New York probate process might get lost in the shuffle. Reach out to Rockpoint Probate Funding for help making this process more manageable.
The New York Probate Process
As long as your loved one left behind a will, you and your family might assume distributing their assets will only take a matter of days. However, in New York, families typically must go through the probate process before starting asset distribution. The New York probate process is designed to help families validate the wills of their loved ones so that no fraud or theft occurs.
The probate process in New York often presents complications that can slow it down and make it difficult for families to honor the final wishes of their loved ones. Learn more about how this process plays out below.
Does New York Require Probate?
Yes, New York does require probate in many cases. Under Chapter 17-B of the Consolidated Laws of New York, only estates in New York valued at under $50,000 may qualify to file a small estate affidavit as opposed to going through the entire probate process. Your family can likely skip the normal probate process and endure a much shorter Voluntary Administration legal proceeding.
Generally speaking, though, families in the Empire State can’t steer clear of the probate process. Your family should look into kickstarting the probate process right away following the death of a loved one to avoid any unnecessary delays.
How Long Do I Have To File Probate in New York After a Loved One’s Death?
Some states require families to file probate within a few weeks or risk facing stiff penalties. Fortunately, New York isn’t one of them, but your family will still want to look into filing probate in New York shortly after a loved one passes away. The executor of a loved one’s will can move the process in the right direction by filing a copy of a death certificate and a probate petition with the New York Surrogate’s Court.
How Long Does the Probate Process Take in New York?
The New York probate process can sometimes take months and even years. It’s another great reason to begin this process quickly after the death of a loved one. Your family must take a series of steps to complete this process, including:
- Filing the proper paperwork with the New York Surrogate’s Court
- Notifying heirs and creditors of a loved one’s death
- Taking inventory of a loved one’s assets and appraising them
- Making a list of a loved one’s debts and paying them off
- Distributing a loved one’s assets
Families can work through probate within about six months in certain instances. However, in others, families must use mediation or even litigation to settle disputes over inheritances, causing the probate process to drag on.
Is There a Way To Avoid Probate in New York?
You can often avoid probate in New York if your loved one’s assets total less than $50,000. Filling out a small estate affidavit should do the trick. You may also have the chance to skip the New York probate process if your loved one created a living trust during estate planning.
A living trust will contain life insurance policies, bank accounts, and other assets that will automatically transfer ownership to the rightful heirs. Encourage your loved ones to create living trusts whenever possible.
What Should I Do If a Loved One Dies Without a Will in New York?
If your loved one died without a will in New York, you might not know what your family should do next. The state’s intestate succession laws are in place to help families distribute the assets of their loved ones without a will.
In this case, the state appoints an executor for a loved one’s estate and determines fair executor compensation. The state distributes a person’s assets to heirs in the following order:
- Spouse
- Children
- Parents
- Siblings
- Grandchildren
There isn’t much room for interpretation in New York’s intestate succession laws, but even in cases where people die without wills, it still takes time for the asset distribution process to conclude.
Is There an Estate or Inheritance Tax in New York?
New York does have an estate tax. The estate tax rate in NY starts at about 3% and goes up to 16% depending on the value of an estate, though there is a $6.94 million exemption for this tax. Families have nine months from the day a loved one dies to pay this estate tax.
Any estates worth over $13,610,000 are also subjected to a federal estate tax.
Can I Access an Inheritance in New York Before the End of the Probate Process?
Do you suspect your loved one’s New York probate process might take longer than you’d like? You can gain access to your expected inheritance if you so choose. Rockpoint Probate Funding can set you up with a probate cash advance to help you maintain financial stability while waiting on an inheritance.
How Does the Inheritance Advance Process Work in New York?
Rockpoint Probate Funding makes it simple for families to secure probate cash advances. Just follow these steps, and you’ll be well on your way:
- Call Rockpoint Probate Funding and schedule a free consultation to learn about probate cash advances.
- Send your loved one’s will to Rockpoint Probate Funding along with New York probate paperwork.
- Allow Rockpoint Probate Funding to review your file to decide whether you qualify for a probate cash advance.
- Receive a probate cash advance in just 24 hours and repay it later with proceeds from an inheritance.
Contact Us To Take Advantage of a Probate Cash Advance in New York
The New York probate process can present problems for many families, especially when it lasts for months on end. Rockpoint Probate Funding is here to help cash-strapped families acquire probate cash advances. Give us a call at (888) 263-8588 for assistance.
