Five Things a Probate and Estate Administration Lawyer Can Do For You

The words “Probate” and “Estate Administration” may sound daunting and dull, but in reality, these are very important legal concepts relating to your estate and assets. Probate is the process that ensures that your assets are managed and distributed according to the law and your final wishes. Probate is required in New York when a deceased person’s assets, such as bank accounts and real estate, exceed $50,000. (For estates valued at less than $50,000, New York law allows an interested party to file for a Voluntary Administration proceeding.) Estate administration involves managing and distributing a deceased person’s assets, either through a will or intestacy laws, under the oversight of a court. In the state of New York, probate and estate administration are handled by the Surrogate’s Court.

A knowledgeable probate and estate administration attorney can save you time, save you money, and help you navigate what can be a difficult and emotional process. There are many reasons to hire a probate and estate administration attorney, but here are five important ones. 

An Attorney Has Extensive Legal Knowledge

Probate and estate administration require an enormous amount of paperwork – forms, petitions, filings, and motions. This paperwork carries procedural requirements and deadlines. Every small mistake can result in additional costs in terms of time and money. The terminology alone can overwhelm you if you are attempting to perform this legal work without an attorney’s help. 

Your Long Island probate and estate administration attorney will understand legal concepts such as small estates, full estates, letters testamentary, determination of heirship, irrevocable v. revocable trusts, and similar concepts. Your lawyer’s knowledge and attention to detail will ensure that motions won’t be rejected for failing to meet statutory requirements, and that deadlines won’t be missed that might create legal setbacks. 

An Attorney Can Save Time and Lessen the Executor’s Burden  

Probate can be relatively easy, but it can also be quite complex. Particularly in the matter of high-value estates, probate can easily take more than one year. An inexperienced executor can delay matters further. An experienced probate and estate administration attorney can handle the complex matters confronting the executor, such as court filings, communicating with creditors, and managing the burdensome administrative tasks. 

Attorneys Know How to Handle Complex Financial and Tax Matters 

High-value estates can quickly become complicated. Estate taxes, creditors’ claims, and valuation issues must be addressed by estate executors. If your executor is handling these matters alone, mistakes can occur, leaving beneficiaries at a disadvantage and potentially exposing the executor to legal liability. 

A competent probate and estate administration lawyer can assist the executor in identifying, gathering, and liquidating assets, negotiating with creditors to reduce claims, and handling real property matters. If the decedent left a business, the attorney can help the executor with the business valuation and find a purchaser.  The expertise of your probate and administration lawyer will ensure that the disposition of your estate is responsibly and properly handled.

An Attorney Can Help Reduce the Executor’s Risk  

First, some terminology is important. An executor is someone named in your last will and testament to ensure that your wishes are followed. The role of executor is a serious job and carries many legal responsibilities. Executors are required to act in the best interest of the estate and its beneficiaries. They interact with probate courts, lawyers, and accountants. Generally, executors must be 18 or over, cannot be felons, and in some states must be residents in the jurisdiction of the estate. By contrast, an administrator is appointed to manage the estate when the decedent dies intestate or when an executor named in the will is legally disqualified. 

The executor is charged with collecting and protecting the estate’s assets, settling any debts and taxes, and distributing remaining assets according to the will. Detailed records of all transactions must be kept and reported to the court as requested. Additionally, an executor may need to make some delicate decisions if the will is not explicit. For example, if it is not possible to evenly split assets among beneficiaries, the executor may have to sell some assets. 

An executor can be held liable by the beneficiaries for failing to follow the terms of the will or for breaching a fiduciary duty. The court may impose fines, remove the executor, or require that the executor pay restitution for mismanagement of the estate. A probate and estate administration lawyer can reduce an executor’s legal liability and risk by providing advice and guidance, thereby legally protecting both the executor and the beneficiaries. 

A Skilled Lawyer Helps Manage Family Conflicts by Providing Insight and Fairness  

Probate and estate administration involve death. And, almost inevitably, this results in deep emotion. While still grieving for their loved ones, family members will learn – often for the first time – about the terms of the will. Some family members may feel they have not been treated fairly in the deceased’s will and may express negative feelings or even contest it. Even in close-knit families, disputes are not uncommon. These types of situations are complicated enough for an executor, but become even more complex if the executor is a beneficiary, as is often the case. 

An experienced probate and estate administration attorney can separate fact from fiction, interpret laws and regulations for beneficiaries, and help de-escalate conflicts surrounding the will. This expertise can reduce costs and litigation battles and allow family members to move on. 

Contact Davidow, Davidow, Siegel & Stern, LLP

Why would you want to go it alone as an executor of your loved one’s estate when you can have experienced and capable probate and estate administration lawyers by your side? We give you confidence that you are taking the right steps and making the right decisions, as you manage and settle the estate. We are preeminent and long-standing Long Island probate, estate, and administration lawyers. Contact us today to see how we can help you.

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