When you finally leave this world, the family and loved ones you left behind will be engaged with the task of settling your estate and distributing your assets amongst themselves. To avoid unwanted family feuds and issues arising as a result of this, you need to contact and hire a Probate Lawyer Long Island.
A Probate Lawyer Long Island is a Lawyer specialized in matters related to the probate process of Long Island.
Probate is the legal process by which estate affairs and distribution of assets among beneficiaries of a will are carried out. In probating, the Will must first be verified and declared as the valid and true last will of the deceased (decedent). So many things can render a will as invalid, such as signing your will outside the dictates of the laws which bind signing of wills in Long Island. The Probate Lawyer has vast knowledge in the state laws affecting writing and signing of wills. Hence, in order for you not to make costly mistakes that would affect your family negatively when you’re gone, you need to contact a Probate Lawyer Long Island to help you write your will and plan your estate.
Or is it that the deceased named you as the executor of his/her will? If so, the responsibility of distributing the estate among the beneficiaries rests upon you. This is a complex process as the Will must first be probated in a Surrogate’s Court in Long Island (so long as the deceased lived and/or owned one or more estates in Long Island). You, as the executor, are the one to initiate this legal process and so all you need to do today is contact and hire a Probate Lawyer Long Island to offer you his esteemed legal guidance.
Ways in which the Probate Lawyer Long Island will assist you
Placing a value to your asset
In initiating the probating process, one of the first things the executor of the Will must do is estimate the monetary worth of the assets left by the deceased. The executor must ensure that each asset is well accounted for, and it’s worth known. Part of these assets will be used to settle the outstanding debts (if any) of the deceased, as well as paying for funeral expenses. An accountant may also be hired to offer accounting services accounting as regards the estate’s monetary worth. He’ll as well be paid out of the estate’s purse. If the net value of the estate is not enough, then the beneficiaries will definitely not get the exact amount of estate property that the Will stipulates.
This probating process of estate evaluation and payment of debts is not as trivial as it seems. You are advised as the executor of a Will in Long Island, to quickly contact the Probate Lawyer Long Island to avoid taking any erroneous step.
Issues with creditors
The executor may also be faced with claims against the estate. Imagine the deceased dying and leaving a multi-million dollar estate. Lots of people from the public may come out of nowhere and claim to be creditors of the deceased, all for the purpose of reaping where they did not sow. Knowing a real creditor from a thief would require thorough investigation and presentation of legal documents. You as an executor in Long Island cannot oversee this on your own. You need the expertise of the Probate Lawyer Long Island.
Distribution of assets among beneficiaries
The executor may not get along well with the beneficiary or beneficiaries. During the probating process in the law court, he might seek to prove how qualified the beneficiary is to benefit from the asset. Also, a will can be “contested” by the beneficiaries. To resolve all these issues, you’ll need to hire a Probate Lawyer Long Island.
In the absence of a valid Last Will
In the absence of a last will, the assets would be distributed through a process called estate administration, and this process is governed by the intestate laws binding the locality – in this case Long Island.
To solve all these and more issues related to Wills and estate distribution in Long Island, kindly contact a Probate Lawyer Long Island today.