Avoiding Probate

What is Probate and Why Should You Avoid It?

Probate is the legal process that occurs after someone passes away. The Surrogate's Court reviews the will (if there is one), appoints an executor, and oversees the distribution of the estate.

Reasons to avoid probate:

• It can take 6-18 months 

• Court fees and legal costs can eat into your estate 

• It becomes part of the public record 

• Family disputes are more likely to arise
  

Strategy 1: Use a Revocable Living Trust

A revocable trust allows your assets to bypass probate entirely.

Ideal for: Real estate, investment accounts, business interests

Strategy 2: Name Beneficiaries Wherever Possible

Accounts like: 

• Life insurance 

• Retirement plans (IRA, 401(k)) 

• Bank accounts with Payable on Death (POD) or Transfer on Death (TOD) designations pass directly to your beneficiaries, avoiding probate

Strategy 3: Own Property Jointly

When property is owned as joint tenants with right of survivorship (or tenancy by the entirety for married couples), the surviving owner automatically receives the property.

Strategy 4: Create a Small Estate Plan 

New York allows certain estates to qualify for simplified probate using Small Estate Affidavit. If the estate is valued under $50,000 (not including real estate), this process can be quicker and cheaper.

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007