What is Probate?
Probate sounds like a big scary word and often times can intimidate people. Probate is simply the legal process of distributing assets according to the Last Will & Testament of the Testator (person who created the will). The person that has this job is the executor of the estate listed in the Will. There are three phases to the probate process.
Phase One- Appointing the Executor
Phase one of any probate process is getting the Executor appointed. The Executor is the person that the Testator (person who created the will) left in charge to handle their estate. This step requires submitting the original will and accompanying documents to the Surrogates Court. Parties who are adversely affected by a prior will or who are the closest next of kin must be given an opportunity to object to the will. To learn more please visit our Probate 101- Appointment of Executor page.
Phase Two- Marshalling the Assets and Payment of Liabilities
Once the courts grant the Executor Letters Testamentary, it is time for the Executor to get to work. The Executor’s job is to marshal the assets and pay the liabilities of the estate. Miller & Miller Law Group PLLC, can provide valuable advice and help with this process. From working with the banks and financial institution, to negotiating with creditors, to applying for a release of lien from New York State, Miller & Miller Law Group PLLC is here to help. To learn more visit our Probate 102- Marshalling of Assets and Payment of Liabilities page.
Phase Three- Distribution According to the Last Will & Testament
The last step of an estate is everyone’s favorite, distribution. After all the estate’s property has been marshaled and liabilities have been paid, the executor can begin the process of distribution according to the Last Will and Testament. This process involves accounting to the beneficiaries and receiving release and receipts from the beneficiaries. The executor should wait 7 months for any creditors to submit their claims to the estate. It also may be advisable for an executor to withhold some funds as a precaution in the event another claim was to surface against the estate. Miller & Miller Law Group PLLC is here to help and make sure you as executor is protected. To learn more visit our Probate 101, 102, or 103 page.
Probate Services in Brooklyn, NYC
Miller & Miller Law Group PLLC is here to provide probate services in the New York City Area. Having an experienced and knowledgeable Probate attorney can save you time, frustration, and money. Let Miller & Miller Law Group PLLC guide you through this process.