Probate in New York is the process wherein the court will determine how your assets will be distributed after you die. Most of the time, people are confused during the probate court process.
When preparing your estate plan, it is important that you first understand the difference between probate and non-probate assets. Probate assets are those assets that are required to pass through court and distributed according to state statute. Non-probate assets on the other hand are assets that bypass the probate process and are distributed directly to the beneficiaries.
So what type of assets do not go through probate in New York? This is a common question many of us ask.
Non-probate assets or assets that do not go through probate include:
- Properties held as “joint tenants with right of survivorship”. These assets do not go through probate instead just passes to the co-owners by state law.
- Properties owned by a Living Trust. The legal title to such properties will be directly passed on to the beneficiaries trustees without going through the probate process.
- Bank accounts with “in trust for” or “pay on death” designations.
- Life insurance policies or brokerage accounts.
- Retirement assets such as 401 (k) and IRA accounts, where there are designated beneficiaries.
If you have questions about the probate process in New York, contact Michael Alpert, Esq. – an experienced Nassau County probate attorney. Call (516) 280-7288 for more information.