Probate and Administration of Estate
When a loved one passes away, their estate will either require a Probate of a last will or an Administration of the estate. Probate Probate is the process of getting the last will and testament before the court so that the person named as the Executes or Executrix can be appointed and become qualified to follow the instructions set forth in the last will and testament. The Executer or Executrix then gather the deceased persons assets, pay debts and taxes and eventually transfer assets to the people who inherit them. Probate court proceedings are not always necessary, they are requires only if the deceased person owned assets in his or her name. Other assets can probably be transferred to their new owners without probate. Assets held in joint-tenancy or tenancy by the entirety, life insurance proceeds or pension benefits are some examples of the assets that do not pass through probate. Administration If the deceased left no will, the estate will require an Administration, and the court will appoint an Administration or Administratrix to act in a similar role as the Executer or Executrix. New York state law has a formula to determine who in the deceased’s family will inherit over the assets of the estate.