The probate process is always very difficult to go through but is typically a procedure that all people will eventually find themselves going through.
At this point in time, you are probably overwhelmed from the passing of your loved one and trying to figure out the best way to handle the situation.
Even though this is a very difficult time, it is best understand the undertakings of probate so you and your family can put together a plan to approach the situation and feel much more comfortable.
Probate is the legal process by which a person's final debts are settled and legal title to property is formally passed from the deceased to his or her beneficiaries and heirs.
Since you are dealing with the court system there are specific regulations, deadlines and documentation must be honored while going through probate in Syracuse NY.
We want you to remember that not all estates have to go through regular probate. If your estate is considered a "small estate" you will be able to qualify for a simplified probate procedure or even be able to transfer the property without even going to court.
The Steps of The Probate Process in Syracuse NY
The probate process will be initiated by asking the probate court to name an executor or personal representative.
In order to make this request, you will need to file:
An application
Death certificate
Original will
The documents will need to be filed with the local probate court in the county where the deceased person was living when the past.
In the majority of probate cases, the deceased person names an Executor (of the estate) who will be in charge of handling all assets and real property. If there is no Executor and the appointed Executor does not want to serve, then the court will appoint an Administrator.
If the procedure includes real property, the Executor will be in charge of creating a list price for the property(s).
The First Corporate Hearing
The first hearing will consist of giving all interested parties a chance to object to the appointment of the executor or the already appointed executor.
Prior to the first hearing, you will be required to send a notice to contact all beneficiaries that were named in the will. All creditors that you may be aware of also need to be notified and notices sent out to these folks.
Once the executor is re-established and has been approved. The court will then issue a document called Letters of Authority or a Letter of Administration if there is no will.
Bond Posting
In some circumstances, a bond may be required for your probate process in Syracuse NY. This bond is an insurance policy that protects the estate from losses that may be caused.
In most cases the Will specifically states that there is no bond that is required.
The size of the bond will depend on the size of the estate. The bond will be able to be paid from the funds of the estate
Prove The Will Is Valid
If a will was established prior to the deceased individual’s death, it must be proved valid. Typically, this will require a written statement from one or more of the witnesses.
This statement will need to be provided in one of these forms:
Notarized statement, which the witnesses would have signed when they witnessed the will
A sworn statement may be used in the current moment
A court testimony from a witness
Distributing Property & Closing of the Estate
Once the creditors claim period has passed, you have paid all of the debts owed on the estate, filed any necessary tax returns and settled any disputes, you will then be ready to distribute the remaining property to the beneficiaries and close the estate.
Once the estate is closed, you will be released from the duties of the Executor.
When the estate is finalizing closing, you will be required to give the court accounting records of all of your activities. This accounting document will show the courts where all of the estate assets are going and will show which creditors have been paid.
Wrapping Up | The Probate Process in Syracuse NY
Having a better understanding of the probate process will eliminate a lot of the uncertainty throughout the undertaking. To complete the probate process you are looking at anywhere from 4-6 months. This can be a very long, drawn out process so we suggest that you sit down with everyone who may be involved and plan accordingly.
We understand that the probate process is not easy. If you are looking to sell the property you inherited through probate, give us a call. We would love to see how we can assist you.
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