Get Alternatives To Probate

Transfer-on-death (TOD) accounts This type of designation transfers ownership of the account to the named beneficiary on the death of the owner. As with a POD account, ownership of the account remains solely yours.

These "non-probate assets" include life insurance policies, IRAs, U.S. savings bonds, and jointly held bank accounts. Discounting exempted items, if the total value of your loved one's personal property is below $50,000, the good news is you can likely bypass full probate in New York.

One common method is to create a revocable trust. A revocable trust allows you to maintain control of your property during your life, and decide how the property is distributed after death, without needing to go through probate court.

The best way to avoid a lengthy probate process is to have a clear and updated will in place before you pass away. If you don't have a will or if your will is contested, probate comes with financial and logistical issues that can make it harder for your loved ones to not only grieve but also access your assets.

Only an estate valued over $50,000 must be probated when there is a will. The court has a “small estate proceeding” when the estate is below $50,000. An estate without a will is “administered,” not probated.

Some assets allow owners to name a beneficiary to the account, allowing the beneficiary to inherit without probate. New York law allows owners to add a payable-on-death (POD) designation to bank accounts, as well as a transfer-on-death (TOD) designation to stocks, bonds, and other securities.

Common ways to hold or transfer property to avoid the New York probate process include: Living trusts. The State of New York allows residents to create a living trust for nearly any type of asset, including houses, properties, vehicles, and bank accounts. ... Co-ownership. ... Beneficiary designations.

ing to New York state law, all estates worth over $50,000 are subject to go through probate. However, there are some instances where certain assets like: Insurance policies, joint accounts, assets in a living trust, assets held in joint tenancy are all not subject to probate in New York.

A revocable trust can help avoid probate for assets that have been properly transferred into the trust during the grantor's lifetime. This can streamline the distribution of assets and maintain privacy.