Tuesday, 14 August 2018
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This Old House - Do-it-Yourself

What Are the Common Myths About Probate You Need to Know

Written by Posted On Wednesday, 14 March 2018 15:53

Most of us aren’t very familiar with probate.

After all, it isn’t a topic we deal with on a regular basis. Most of the time, people’s understanding of probate is also clouded by a variety of popular myths and misconceptions.

It is good to know the basics about Long Island NY probate so that you can recognize common myths when you encounter them.

Here are a few misconceptions about probate:

 

Myth #1: Probate takes years

You may have read or heard of stories about an estate being tied up in probate for years and years. The truth is probate doesn’t usually drag on for years. Some can even come to a settlement within six months to a year.

Most of the delay experienced in probate is mandated by state law in order to give creditors time to file claims. The estate can be closed as soon as the personal representative has gathered all the assets, paid debts and taxes.

 

Here are the top three things that prolong the probate process.

1. Family fights


The court may have to intervene if a family member challenges the will, or if siblings can’t agree on how to divide a parent’s assets.


2. A very large estate.


Things can get more complicated if the estate is so big that it owes federal or state estate tax.


3. Ongoing income.


There are estates, such as those of celebrities, that continue to receive income for decades after the death.

 

Myth #2: The appointment of an executor takes a long time

Appointing an executor for a probate in Long Island NY doesn't always have to take a long time. If all the family members agree, an executor can be appointed in a week or two.

However, if there are disagreements about who the executor should be, the process could take longer.


Myth #3: The oldest child is entitled to be the executor of the parents’ estate

Just because you are the oldest child in the family or the most responsible one among the siblings doesn’t mean you automatically become the executor. 

If the deceased person named an executor in his or her will, the court will appoint that person. If there isn’t a will or the person named as executor in the will cannot or does not want to serve, then the court will appoint someone. However, you have to know that sibling order isn’t a factor courts take into account. 

Myth #4: The State Gets Everything

Many people believe that the state will get all a person’s assets if that person does not have a will. The truth is you don't have to worry about the state snatching your family’s inheritance.


If someone dies without a will, then state laws kick in. The court will determine which person gets what assets. The only time the state will get all of the assets is when the deceased leaves no will and blood relatives can’t be found.

For more information on selling real estate in probate, visit my website at http://LongIslandProbate.com/.


Call me, René Perrin at 516-802-3785 to find out how we can help you during probate. We’ll be happy to dispel some of the most common myths about Long Island NY probate that you and your loved ones may believe.

Listing Additional Info

  • State: New York
  • Address: 341 Newbridge Road, East Meadow, NY 11554
  • City: New York
  • Zipcode: 11554
  • SOLD: no
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René Perrin

René Perrin | Remax Central Properties | 341 Newbridge Road, East Meadow, NY 11554 |  516-802-3785

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