New York Inheritance Loans and Probate Advance Law
When a person passes away, their estate often must go through probate. This process is designed to ensure the person’s last will and testament are followed. All debts must be paid, and taxes filed before the estate can be dispersed. Every state creates their own laws about how probate must be handled and what kind of property must go through probate.
What are New York Probate Laws?
New York statutes allow for two types of probate: one when there is a valid will and one when there is none. There is also a separate option for small estates to avoid probate. In any case, an executor or administrator must be named to the estate to follow the steps of the probate process. While it isn’t necessary to have an attorney handle probate, it can be helpful. An experienced New York probate attorney knows the current codes for probate, including the timelines for each step of the process. They will work to protect the interest of the beneficiaries. If you are an executor or administrator for an estate, you may find it helpful to consult with an attorney. They can help you fill out the paperwork and prevent delays in the process. They can also assist if there is a dispute or other problem with the estate.
What is the Probate Process in New York?
The process for probate is similar no matter what state you are in. There are several steps that you must take to have an estate probated.
- The executor named in the will must file a petition with the Surrogate’s Court in the country where the deceased person lived. They will need the original will and death certificate. All heirs must be named in the petition.
- The court will formally appoint the executor and provide them with authority to act on behalf of the estate.
- The executor will make a list of all assets that belong to the estate.
- The executor will notify all creditors of probate. By the fifth month of probate, all creditors should be paid or their claims disputed in court.
- The property must be appraised and sold if needed to pay for the creditors’ claims. The executor will also file taxes and pay any taxes due.
- Once all debts are paid, the remaining assets will be distributed to the heirs as outlined in the will. An accounting statement will be prepared for the court to show all transactions that have been handled for the estate. Probate will then be completed.
Even though the executor has a lot of responsibility and authority as manager of the estate, they do not have any control. They must get approval from the court for any actions they take. They may also be liable if anything is handled incorrectly.
What Property Must Go Through Probate in New York?
Fortunately, not all property has to be probated when a person dies. The only type of property that must go through probate is that which the decedent solely owned. Real estate or other real property owned through joint tenancy will automatically transfer ownership to the second person. Accounts which have a payable upon death beneficiary can also avoid probate. Some examples of these include retirement accounts, life insurance policies, annuities and bank accounts. New York allows small estates to avoid probate by filing a voluntary administration proceeding with the court. A small estate is defined as any that has less than $30,000 in personal property.
How Can You Avoid Probate in New York?
One of the best ways to avoid probate in New York is to put the estate in a living trust. This trust has named beneficiaries who will receive the assets upon the person’s death automatically. Avoiding the cost and time of probate is a good idea for anyone with an estate of value. It takes at least six months to get through probate in New York, but it can be much longer if there is a dispute or the estate is large. In fact, some estates take years before the assets can be dispersed. A living trust will help avoid these challenges.
How Can You Gain Access to Inheritance Funds in New York Immediately?
Even though probate is a slow process, there are ways to access your New York inheritance funds sooner. The process is quite simple and secure with a probate cash advance. In fact, some heirs may receive their funds in less than a week. Another benefit is there are no limits on how the money can be spent. When you apply for a probate cash advance from ProbateAdvance, you are able to get your money right away instead of waiting for the distribution of the estate. You won’t find any hidden fees, and you aren’t obligated to make monthly payments. You also won’t be charged interest, and your credit history isn’t important. Instead of waiting for years to get your money, you may have it in days.
Do You Qualify for an Inheritance Cash Advance?
It doesn’t take long to find out if you qualify for an inheritance cash advance. You must be an heir to an estate which is going through probate. Once you qualify and receive the funds, you can use them to make your life better. Buy that new car you’ve been looking at or take a much-needed family vacation. You can have the money in just a few days.
What Do You Need to Get a Probate Advance in New York?
You will need to provide proof of your inheritance with the correct documentation to get a probate advance in New York. You will need to give some basic information along with the amount desired. Your money could be in your bank account in less than a week.
What Areas of New York Qualify for an Inheritance Loan?
You can get an inheritance loan no matter where you live in New York, including the following major cities:
- New York
You can read the following resources to learn more about the New York probate process and estate laws.
New York Probate Resources
New York Inheritance Tax Laws