Estate Size And Probate Law In New York
In this article, you will discover:
- The dollar value amount the state of New York deems as “small” for probate purposes.
- The many tools abauksvje to receive support in the unfortunate event of a loved one’s death.
- What the Surrogate’s Court Procedure Act is.
Do All Estates, Regardless Of Size, Need To Go Through Probate?
Not all estates necessarily need to go through probate in most probate law cases.
Under the provisions outlined in probate law in New York, there’s certain property which is considered exempt from the reach of executors and creditors. New York has a statute that says if someone is survived by a spouse, their spouse gets certain things automatically, almost as though there was a beneficiary designation. They passed entirely outside the estate, which is important for a couple reasons:
If the executor was the son, for example, and there was a surviving spouse, the spouse could just collect the exempt assets. She would not need to wait for the will being probated if she does not get along with the son or something. In this situation, it would not be subject to the executor’s control at all. New York passed this law for the protection of spouses and minor children.
The limit for this is $25,000 and can be paid out in cash or disbursed as an equally valued asset in probate law in New York.
If a person dies and they have something like a car and it’s worth less than $25,000, it passes to their surviving spouse automatically. The surviving spouse can just take the title, go to the DMV, get a new title, and have the vehicle registered in their name. Since it is not an asset of the estate, it does not require probating a will or any court filings.
A surviving spouse could go to a bank and submit a 1510 affidavit. This document basically is official acknowledgment that they were married to the deceased person at the time of their death. Banks are technically obligated to turn over $25,000 in cash. Several other items are exempt as well.
There is also the 1310 affidavit, which allows surviving spouses, children, or other relatives like brothers or sisters to receive a certain amount of money. Spouses can get up to $15,000 and children $10,000.
Under Article 13 of the Surrogate’s Court Procedure Act, you have what’s called voluntary administration as well. Voluntary administration could get you $50,000. Estates valued over $50,000 are not eligible for it, however.
The idea behind voluntary administration is if the person dies with very little assets, the courts do not want to put the survivors through the following.
- The hassle of having to hire an attorney;
- the delays that come with filing a will for probate;
- the expenses that come with it, up to $1,250.
With the guidance of a skilled attorney for Probate Law Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Probate Law in New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (516) 888-5381 today.