Probate can be an exhausting process. Court rules, strict deadlines, and long, drawn-out procedures can all add stress and hassle that you don’t need. But what are the options for avoiding probate in New York State, and why might it make sense for you? We explore this information below.
If you’re working to avoid the complicated probate process, contact Chaves Perlowitz Luftig LLP today. We’ve worked hard to earn our reputation as a top estate planning firm in New York. We have the skills and knowledge to answer your probate questions. We take a forward-thinking approach to every matter. We’re ready to help you avoid New York probate and accomplish your other estate planning goals.
Why Do I Want to Avoid Probate?
Probate can come with high costs – both in terms of time and money. And if that weren’t enough, matters that go through probate become public, meaning privacy often isn’t an option. Some key reasons for avoiding probate in NY include:
- Probate can take an extremely long time. In New York, probate can take several months. In some complicated cases, probate can take years.
- Probate can affect the cost of legal and accounting fees. The probate process isn’t free, and the costs can add up fast.
- A case can make financial matters and other information public. In many cases, those involved would prefer to keep financial and personal information to themselves. Unfortunately, probate isn’t a good fit when you want to keep things private.
How Do I Avoid Probate in New York?
You can avoid probate by engaging in estate planning before probate is needed. You can help speed things up while keeping important information out of the public eye by planning ahead. Tools to accomplish this could include:
- Joint ownership (Tenancy by the entirety and joint tenancy with rights of survivorship) – In these types of ownerships, when one person passes away, the other joint owner automatically gets their interest in the property. This can be a powerful way to keep real estate out of the probate process. It can also work with financial accounts.
- Living trusts – Living trusts allow you to maintain benefits from your assets while you’re alive without having to put them through the probate process later on.
- Retirement accounts – You can name a beneficiary to inherit your retirement accounts after your passing so that they do not become part of the costly and lengthy probate process.
- Payable-on-death bank designations –Many financial accounts let you name a beneficiary that will receive any funds you have in them at the time you pass away. This is called a payable on death designation and can be a critical tool for keeping your financial resources out of probate.
Contact a Manhattan Estate Planning Attorney Today
If you’re interested in avoiding probate in NY, get in touch with Chaves Perlowitz Luftig LLP now. Estate planning is complex, but our skilled estate planning attorneys have in-depth experience helping clients like you. We have a strong understanding of New York State estate probate laws and how to avoid the probate process. Whether you have questions about how to plan around probate or how to manage probate when you’re in it, we’re here to help.
For your free consultation, give us a call or reach out online now.
Chaves Perlowitz Luftig LLP is one of the most highly regarded real estate and estate planning firms in New York City. Our team of top-rated real estate attorneys and estate planning lawyers have extensive knowledge, resources, and connections to help you achieve your goals and plan for the future.