Under New York law, a spouse who is legally married to a decedent at the time of their death has a right to inherit an “elective” share of the assets. If the decedent dies without a will and without children, the surviving spouse is entitled to the entire estate.
How Long Does Probate in New York Take? Even a small estate will take some time to be settled. Expect it to be at least six months before the assets may be distributed to the heirs and probate to be closed. However, one year is a more likely timeline for most estates.
Financial checklist: 13 things to do when your spouse diesCall your attorney. ... Contact the Social Security Administration. ... Locate your spouse or partner's will. ... Notify your spouse's employer. ... Contact your spouse's former employers. ... Check with the Veteran's Administration.More items...
$30,000Only an estate valued over $30,000 must be probated when there is a will. The court has a “small estate proceeding” when the estate is below $30,000. An estate without a will is “administered,” not probated.
There is no requirement that you hire an attorney to take care of a probate proceeding on your behalf. If you feel comfortable doing so, you may handle a simple probate yourself. However, many probate matters are challenging and you would be better served by having an experienced probate attorney handle your case.
Many probate attorneys charge by the hour and their fees can be anywhere from $350 - $600/hour. Sometimes, if an estate is small and simple, they may charge a flat fee, generally starting around $3,000 and going up from there.
You may need probate if your husband or wife dies and leaves behind assets that aren't jointly owned with you. However, if you're the joint owner of their property and bank accounts, probate may not be required.
You will need certified copies of your spouse's death certificate to prove the passing of your spouse and to claim benefits or to switch over accounts into your name. Ask the funeral home for at least a dozen or more copies. You may also need certified marriage certificates to prove you were married to the deceased.
Survivors Benefit Amount Widow or widower, full retirement age or older — 100% of the deceased worker's benefit amount. Widow or widower, age 60 — full retirement age — 71½ to 99% of the deceased worker's basic amount. Widow or widower with a disability aged 50 through 59 — 71½%.
What Happens If You Never Go to Probate? If Probate is necessary but never established, beneficiaries will not receive their inheritance or assets. The assets of the deceased person will be held by the state and frozen as there are no legal beneficiaries of the assets.
Living Trusts In New York, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
If you are named in someone's will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. You do not always need probate to be able to deal with the estate.