There are some words associated with estate planning that most individuals want to steer clear and one of those is probate. When it comes to estate planning and administration, many New York residents working on their estate plans wish they could sidestep probate. It can be costly and time-consuming.
Estate plans that fail to address certain issues like total assets will end up going through the probate process. There are a few reasons the process can be taxing when it comes to delays. If the estate has to file a tax return federally, it may take months before someone from the IRS even reviews what has been filed. The process could even go well beyond a year if there are problems with the return.
A couple other glitches in an estate plan come with the inclusion of unusual assets like antiques, patents, livestock (like race horses) or rare collectibles. These will take longer to pass through the probate process. Add to the mix beneficiaries who pretty much hate each other and the process can get even more complex. An executor who is incompetent when it comes to finances is another reason probate may seem like an endless nightmare and one of the main reasons for probate problems.
A New York attorney who is experienced in estate planning and administration legalities may be able to cut down on the problems associated with probate. He or she will be able to assist a client in amassing all the proper documents when it comes to his or her client’s personal situation. Those who take the time to plan their estates will want to make sure everything is done legally and correctly.