Legal Question in Wills and Trusts in New York
expected length of probate process without a will, survived by children only
As stated in the heading, what time frame can we expect for the probate process without a will, what percentage is typically taken by the government?
The estate is a modest one, and 3 adult children are involved. No contest is expected, as it is to be divided equally.
2 Answers from Attorneys
Re: expected length of probate process without a will, survived by children only
Since there is no will, the estate will be administered, not probated. The process of administering the estate is fairly simple and should not consume too much time, however, you will need to obtain letters of administration in order to transfer assets .
Let me know if I can be of assistance.
Daniel Clement
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Law Offices of Daniel E. Clement
350 Fifth Avenue, Suite 3000
New York, New York 10118
Tel: (212) 279-6194 Fax: (212) 279-6198
Re: expected length of probate process without a will, survived by children only
Probate involves the proving of the validity of a Will and its acceptance by the Surrogate's Court.
If there is no Will, then the Estate is Administered. A petition for administration is filed with the Surrogate; if all interested parties consent this can be done in a day.
Assembling the assets, paying the bills, etc. can be done swiftly if all the parties cooperate and work hard.
Some estates can stay in administration for years.
The estate taxes depend on the size of the estate. Right now estates having a net value of $675,000 are free of estate tax.
It all depends.
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