Probate Lawyer in Melville, NY

Collecting And Valuing Assets 

If you’re the executor of the estate, you will need to collect and value the assets. This is often more challenging than you might think. Many people think that the last will and testament contains all the assets, but that’s rarely the case. Instead, you’ll need to review financial documents and possibly speak with the person’s financial advisor to track everything down. You should even check with the state to find out if the estate has any unclaimed funds to add to the list of assets.

Many people who go through the process liken it to working as investigators. Fortunately, a Melville, NY, probate lawyer can assist you with the challenging process. Our firm has handled numerous probate cases and has experience hunting hard-to-find assets. With our help, you won’t have to worry about missing important assets while probating a will.

Non-probate Assets

Most assets have to go through probate before they’re distributed to beneficiaries. As the estate administrator, you’ll be in charge of these assets. However, some assets can skip probate. For instance, assets inside of a trust aren’t subject to probate. Instead, they’re distributed based on the guidelines set forth in the trust. Additionally, you won’t probate annuities, joint tenancy property, or retirement funds.

When valuing the estate, you might be confused about which assets to count and which to leave behind. Instead of guessing, reach out to our Melville, NY, probate lawyer. Our attorney can review the entire estate and separate assets into “probate” and “non-probate” categories. This will make it easier for you to move forward with the legal proceedings.

Obtaining A Bond 

The court might direct you to obtain a bond if you’re serving as the executor. However, your loved one might have stated that it’s not necessary when creating the will. Your Melville, NY, probate lawyer will review the will and court orders to determine if you need a bond. If you do, your attorney can help you obtain one to protect the beneficiaries. However, if you do not need a bond, you still need to be mindful of protecting and preserving the assets when administering the estate. If you make mistakes, beneficiaries can file a claim against you. Thus, consider obtaining legal counsel to help you with your financial duties during probate.

Contesting A Will 

Distributees and beneficiaries have legal standing to contest a will. Distributees refer to those who would have received more money under the inheritance laws than they did through the will. Then beneficiaries refer to people who would have received a larger share during a previous version of the last will and testament. If you have legal standing, you must choose the grounds to contest the will. You can contest it due to undue execution, revocation, inception, fraud, or undue influence. Our Melville, NY, estate administration lawyer helps with both sides of this issue. We can mount a legal challenge to contest the will or defend the estate against legal challenges.