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Estate Planning & Probate Laws In NY State Explained

Estate Planning & Probate Laws In NY State Explained

Estate Planning & Probate Laws In NY State Explained
źródło: Daily Health Study

Probate refers to the legal process that an executor goes through in order to settle a deceased person’s estate. If there is no will, this includes probating the will and distributing assets according to the rules of intestacy.

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Is Probate Necessary?

Probate assets are generally those that are owned solely by the deceased. They do not have a beneficiary designation so they can pass to another person through law. This includes individuals bank accounts, solely-owned homes, cars and jewelry as well as cash and art.

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These assets are not subject to probate:

Trust assets

Bank accounts with a named beneficiary

Retirement accounts such as a 401k or IRA

Life insurance policies that have a named beneficiary

Savings, checking and brokerage accounts jointly held

Real property jointly held

If:

The estate is small. If the estate is small, New York can file a small estate proceeding or voluntary administration proceeding as an alternative to probate.

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There are no probate assets. There is no probate process if the estate of a person is entirely made up of non-probate assets.

To avoid probate, the estate plan was designed. People with moderately high net worth will often make efforts to avoid probate in order to reduce the burden on their heirs.

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What is the Probate Process?

There are several steps involved in probate:

The probate petition must be filed. The executor must file the original will along with a certified copy the death certificate. The estate's size will determine the filing fee.

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Notify. Notify creditors and beneficiaries.

Inspecting the property. The executor must take possession of the estate and have them appraised if necessary.

Repaying any outstanding taxes and debts. This includes home equity loans, mortgage payments, income taxes, property taxes, as well as other accounts. Assets may have to be sold if the estate doesn't have enough cash to pay the obligations.

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The will or state intestacy laws direct the distribution of the property. In the probate petition, the distributees are the legal term for the heirs of the estate. A notice is served to them, also known as a citation. This obligates them to submit to the Surrogate's Court.

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What do I need to know about a probate attorney?

There are many factors that affect the time it takes to complete probate. Probate can be completed in as little as three to six months if all heirs can been located, the will is not contested, there are no appraisals required, and debts can be resolved. Probate can take many years in more complicated cases, particularly those that involve contested wills.

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Although a probate attorney is not required by New York law, legal assistance can help to save time and money. It will ensure that all paperwork is properly completed and that everyone who has an interest in the estate receives required notifications. A probate attorney who is familiar with New York State civil practice rules and estate litigation can assist the executor in resolving any disputes.

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Data:
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dailyhealthstudy

For women's health, tips for heart, mind, and body - https://www.mpolska24.pl/blog/for-womens-health-tips-for-heart-mind-and-body



If you want to avoid problems such as strokes and heart disease, there is an easy way.


Get more fruits and vegetables.

Whole grains are better than refined ones. Brown rice is better than white. Switch to whole-wheat pasta

Consider lean proteins such as poultry, fish and beans.

Reduce your intake of processed foods, sugar, salt, saturated fat, and other unhealthy food.

Flexibility is key to eating well, according to Joyce Meng, MD assistant professor at UConn Health's Pat and Jim Calhoun Cardiology Center. You can follow a strict diet plan if you prefer. It's okay if you don't like following a strict diet plan.


Tricia Montgomery (52), founder of K9 Fit Club knows firsthand the benefits of a healthy diet and lifestyle. Her favorite things are eating healthy food and making small, frequent meals. She says, "I don’t deny myself anything." "I still enjoy dessert, key lime pie, yum!" -- I love frozen gummy bears and moderation is the key.


Get regular checkups. Your doctor will keep track of your medical history so that you can stay healthy. If you are at high risk of osteoporosis (a condition that weakens bones), your doctor may recommend more vitamin D and calcium.


You may be recommended by your doctor to have screening tests done to monitor your health and detect conditions before they become serious.


Be open to communication. Meng said, "If you have any questions, ask your doctor." "Ensure you are satisfied with the information." Talk to your doctor if you have concerns about any medication or procedure.


Reduce Stress

It can be very detrimental to your health. It is impossible to avoid it all, but there are ways you can reduce the effects. Do not take on too many responsibilities. Set limits for yourself and others. It is okay to say no.


To relieve stress, try:


Deep breathing

Meditation

Yoga

Massage

Exercise

Healthy eating

Talking to a friend or family member.

Develop healthy habits

You can prevent problems from coming your way tomorrow if you make the right decisions today.


Brush your teeth twice daily and floss each day.

Don't smoke.

Limit your alcohol. Limit your alcohol intake to 1 drink per day.

Take your medication exactly as prescribed by your doctor.

Get better sleep. Try to sleep for at least 8 hours. Talk to your doctor if you are having trouble sleeping.

Keep out of direct sunlight between 10 a.m. and 3 p.m.

Wear your seatbelt.

Meng suggests that you take time each day to invest in your own health.


Montgomery was able to see the benefits. Montgomery says that she has overcome health issues, is happy, and has a positive outlook. She says that her life has been forever transformed.

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