NYC Estate Planning Attorneys

Statewide Estate Planning Representation with Offices in Manhattan, Mineola, and Suffolk

Everyone deserves the peace of mind of knowing your final wishes will be honored should you become incapacitated or pass away. Estate planning gives you the chance to decide what will happen to your property, who will care for your children, and who will act on your behalf. Without an estate plan, state law decides for you.

At Raiser & Kenniff, P.C., we believe a worry-free lifestyle is invaluable. To that end, we help individuals from all walks of life use powerful legal instruments to protect their interests and take control of their futures. Our NYC estate planning lawyers have over 100 years of combined experience and a complete understanding of all relevant laws. When you come to us for help, you will work one-on-one with one of our attorneys, who will review your planning goals and implement tools that address all of your concerns. Our team is committed to serving your needs and can help you make changes to your plan throughout your lifetime.

What is Probate?

Probate is a legal process that takes place after an individual dies, where the court validates and carries out the distribution of the deceased person's assets. The primary purpose of probate is to ensure that the deceased person's debts are paid and that their remaining assets are distributed to the rightful beneficiaries or heirs according to the terms of their will or, in the absence of a will, according to state law. 

Here are the key components and steps involved in the probate process:

• Initiating Probate: The probate process typically begins with the filing of a petition in the probate court in the jurisdiction where the deceased person lived at the time of their death. If the deceased had a valid will, the executor named in the will usually initiates the process. If there is no will, the court will appoint an administrator to handle the estate.
• Notifying Stakeholders: Once the petition is filed, heirs, beneficiaries, and creditors are notified of the death and the initiation of probate proceedings. This allows interested parties to make claims against the estate or raise objections if necessary.
• Asset Inventory & Appraisal: The executor or administrator is responsible for creating an inventory of the deceased person's assets and obtaining appraisals when necessary. This step is crucial for determining the total value of the estate.
• Settling Debts: The deceased person's outstanding debts, including taxes, are paid from the estate. The executor or administrator must ensure that all valid claims are settled before distributing the remaining assets to beneficiaries.
• Asset Distribution: Once debts are settled, the remaining assets are distributed to the heirs or beneficiaries according to the terms of the will or, in the absence of a will, according to state intestacy laws.
• Finalizing the Estate: After all debts are paid, and assets are distributed, the executor or administrator files a final account with the probate court. This includes a record of all transactions related to the estate. Once the court approves the final account, the estate is considered closed.

It's important to note that the probate process can be time-consuming and may involve court fees and other expenses. Additionally, the details of probate proceedings can vary by jurisdiction, and some estates may qualify for simplified or expedited probate procedures.

Ready to Plan Your Estate? Contact Our NYC Lawyers for a Free Consultation