Probate is the process in Surrogates Court where a Last Will and Testament is proved and accepted, an executor is appointed and all assets are distributed to the intended recipients as stated in the Will. Joint assets with a right of survivorship, life insurance policies or other assets that name a beneficiary are not probated. The probate process includes paying estate taxes, debts, taxes and administrative costs, as well as distributing assets to the intended beneficiaries. Continue reading “What To Do If You Don’t Have The Original Last Will And Testament”
Tag: distributing assets
Distributing A Decedent’s Personal Property
Estate assets are distributed in accordance with a decedent’s Last Will and Testament. Oftentimes, a Last Will and Testament will provide guidelines as to how a decedent’s personal property shall be distributed. However, there may still be personal property remaining that does not have specific instructions for its distribution. In regard to this remaining personal property, there are many ways to distribute a decedent’s personal items when there are no instructions available, though there are some general ways. Continue reading “Distributing A Decedent’s Personal Property”
Estate Planning to Protect Your Loved One’s Assets
If a family member or loved one is currently receiving Community Medicaid and has a home in his or her name, Medicaid is entitled to issue a claim against the property upon his or her death. In accordance with federal law, a person receiving benefits from the New York State Medicaid program is subject to estate recovery for assets passed through probate. This means that once a probate proceeding occurs, the Department of Social Services is entitled to recover for the services provided to the deceased through the Medicaid program because the assets were in their name alone. Continue reading “Estate Planning to Protect Your Loved One’s Assets”
Estate Planning and Your Digital Assets
As our world becomes more virtual, so do the assets we own. Therefore, when making an estate plan, it is important not to overlook the digital assets you own as well. These assets include intellectual property, social media profiles, emails, credit card points, smartphones, or online storage and hardware. Most of these are locked using a password that only you know, so planning who will be able to gain access in the future is important. Continue reading “Estate Planning and Your Digital Assets”
Probate vs. Non-Probate Assets
Probate assets are those assets of a decedent that become the property of the estate of a decedent and subject to distribution to the beneficiaries of the estate under the terms of the decedent’s will or the state intestacy statute. Non-probate assets are those assets that are not a part of the estate subject to distribution because they automatically pass to another by law upon the death of a decedent or have already passed to another prior to the decedent’s death. Continue reading “Probate vs. Non-Probate Assets”
