Probate is the process of distributing the estates and assets of the deceased person among the heirs and beneficiaries. An executor carries out the probate process in a probate court. The information about the executor is mentioned in the probate, and if there is no will. Then the probate court assigns a public representative to execute the probate process.
The probate process can sometimes be very complex; therefore, the executor should hire a professional Brooklyn attorney to form a proper plan and execute the required actions.
- Requirement Of Probate Brooklyn Attorney
The assets or estates planned to include in the probate should be owned in the name of the person making the probate only and not by any trusts, IRAs, insurance policies, and other financial accounts. The policies of the Brooklyn penal code mention these terms.
The total value of the assets owned by the person making the probate for his heirs should be more than $30,000 for the court to consider it legal probate will. Persons with assets worth less than $30,000 cause small estate administrations to transfer their assets after they die.
- Place Where Probate Takes Place
Probate should take place in a probate court. The court’s location should be in the same place where the deceased owns the estates or the assets. Sometimes the executor executes some parts of the probate out of the court.
The probate will consists of the name of the executor. The executor starts the process of probate by filing a petition in the probate court.
In case there is no will, the court will then hire an estate administrator to initiate the process of probating the assets of the deceased.
Both the persons have the same responsibilities and perform the duties on behalf of the deceased person.
- Responsibilities Of An Executor
The executor starts the probate process by filing a petition on the probate court. He/she files the petition along with the death certificate and last will of the deceased person.
The executor will send a notice to the heirs and beneficiaries informing them about the commencement of the probate process. The creditors also get a notification through a notice sent to them by the executor. The executor now has to evaluate the asset and estates of the deceased person to estimate their actual worth.
After estimating the worth, the executor will liquidate the assets to pay the creditors, clear out debts, pay the taxes, funeral expenses, and other financial expenses of the estate. If the executor hires a probate Brooklyn attorney, then his/her fees and the court fees are paid by the money that came from liquidating the assets.
The remaining amount after clearing out all the payments is distributed among the beneficiaries of the will by the executor.
- Probate Brooklyn Attorney Process Duration
There is not a signified time mentioned for the process in the Brooklyn penal code, but on average, it takes around 7-9 months to complete a probate process. In some cases, it may take more than a year due to the complexity of the assets mentioned in the will.
- Requirement Of Probate Brooklyn Attorney
Most of the time, the executor handles the probate. Still, in some cases, the probate process becomes complicated and convoluted. It is during this time the executor should hire a probate Brooklyn attorney in order to help him/her and initiate the probate process with expertise.
Some of the problems and complexities that force the executor to hire an attorney are misunderstanding in the family, false accusations, contests, litigation, etc. Probating a will includes a lot of paperwork and filling up tax return forms, so it is better that a professional handles these tasks.
- Estate Tax And Debts By Probate Brooklyn Attorney
The executor must clear the taxes and debts before transferring the estates to the beneficiaries.
Before the heirs inherit the estates, the executor must pay the estate’s pending taxes. He/she must also clear out taxes for executing the probate.
The executor invites the creditors on the court hearing date to mention their debts in front of the court and show some legal proof that the deceased have taken money or assets. Without any legal proof, the court will not approve the payment of debts. Creditors with legal proof will get payment from the estate purse.
These are the important things you must know about probate in Brooklyn. If difficulties arise in understanding the probate process, always hire a probate Brooklyn attorney.