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Lliam D. Peek Preadministration Procedures . . . . . . . . . . . Kornelia A. Dormire Intestate Succession, Wills, and Community Property . . . . . . . . . . . . . . . Melinda Leaver Roy Initiating Probate and Small Estate Proceedings . . . . . . . . . . . . . . J. Anthony Giacomini Special Considerations . . . . . . . . . . . . . . . . . . . . . . Stuart B. Allen Tara M. Hendison Initial Responsibilities and Liabilities of Personal Representative . . . . . . . . . . . . . . . William D. Brewer R.

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Assets that name a beneficiary: Some assets can transfer directly to a chosen beneficiary, meaning they don't have to go through probate. This includes life insurance policies, retirement accounts, certain types of stocks and bonds, and payable on death (POD) or transfer on death (TOD) accounts.

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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232