Planning ahead to ensure that the vast majority of your estate does not go through probate can make things easier for your loved ones.
Unfortunately, as many family members find out after the fact, probate can be time consuming and expensive, but these are not the only problems that may face your family members in probate. Proactive estate planning with the help of a New York City estate planning attorney can make a big difference in the ease of this process for you.
Make sure you set aside time to sit down with an NYC estate planning lawyer to discuss your options and next steps. The competence of the executor is one potential problem in handling probate. Some executors find these roles too difficult to handle, and could even get involved in fraud, leading to additional disputes and lawsuits against the executor. This can also delay transfer of assets to beneficiaries while fraudulent issues are investigated.
Disagreement between beneficiaries is another common problem in New York probate. Surviving family members and beneficiaries can often be at odds over how the asset should be sold, managed or distributed, particularly when there are large assets involving joint ownership.
Another common issue is a will contest in which one interested party to the estate alleges that the will is invalid. This is most common when the testator is known to have been in a compromised mental state at the time they created the will. Another common issue is when no valid last will and testament can be found since your assets will be transferred based on the intestate succession laws of New York. To make things easier for your loved ones and to minimize these potential problems, set aside the time to speak with an experienced and dedicated New York City attorney.