Many New Yorkers own real property in multiple states. It is common for a New York resident to own real property, such as a vacation home in a warmer location. In this situation, it is important to speak with a…
If an individual passes away with assets in their name alone and with no designated beneficiary, typically their Will must be submitted with the surrogate’s court located in the county in which the decedent resided. By submitting the decedent’s Will…
If at the time of your death, you owned real property solely in your name and in more than one state, your Executor may be required to commence more than one probate proceeding. Ancillary probate may be required in order…
Losing a loved one is incredibly difficult. Emotions are high and the last thing you want to do is handle your loved one’s estate. Unfortunately, sometimes the probate can’t be avoided. So, what do you need to know about a…
A question clients often ask is, “What happens to my assets when I die?”
The answer to that popular question depends on what you do while you are alive.
When you die, your assets are essentially bulked into two general categories: (1) Non-Probate Assets; and (2) Probate Assets.
In order to determine if something is a non-probate or probate asset, you must look at the way in which the asset is owned.