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Insurance investment products can be used instead of traditional mutual funds, bonds or stocks to allow a named beneficiary. The parent owns and controls the insurance investment product and only upon a passing, are the assets transferred without probate to the named beneficiaries on the contract.

You should document the following: All real property, i.e. land and buildings that the decedent owned. Personal bank accounts. Personal investments, including retirement accounts, stocks, or bonds. Ownership interests in businesses. All other items owned solely by the decedent.

First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.

Assets exempt from probate Property with joint ownership with another person. Real estate/property owned outside of Ontario. Joint accounts with a beneficiary designation. Investment and savings accounts with a beneficiary designation - RRSP's, TFSA's, RRIF's. CPP Death benefits. Property held in a living trust.

Personal possessions should not be distributed before probate is completed, as they are part of the estate that must be inventoried and appraised. Distributing items prematurely could lead to legal disputes, especially if they are intended for specific beneficiaries.

Any property that the deceased owned as a sole owner or as a tenant in common is subject to probate. If the deceased owned property as a joint tenant, then the joint tenant has a right of survivorship. That means that the property does not form part of the estate of the deceased.

(Administration is considered granted to a fiduciary by a Connecticut probate court when the court has issued Form PC-450, Certificate of Appointment, with the probate court seal affixed thereto, to the fiduciary.)

The answer is that, in New York, there is no statute of limitations on probating a will. In fact, I have probated wills which belonged to a decedent who had passed more than 25 years prior. However, it is generally advisable to do file and then probate a will as soon as possible.

Generally, the probate process in New York takes about 9-18 months to complete. This includes the time it takes to file the initial petition, gather assets, pay debts and taxes, and distribute the remaining property to the beneficiaries.