What is Probate? Probate is the term for a legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person's will.
- What is Intestate? Intestate is when a person dies without a will.
- What is Estate Administration? Estate Administration is when someone dies intestate, the court then decides on the distribution of estate assets.
- What is the difference between an Executor and an Estate Administrator? An Executor is the person named in the will to settle the estate. An Estate Administrator is the person appointed by the court to settle the estate when there is no will or no executor is named in the will.
- What are Letters? The court will issue either Letters Testamentary to an executor or Letters of Administration to an estate administrator giving them authority to settle the estate.
- What is Estate Administrator C.T.A.? This is an estate administrator given authority to settle an estate where there is a will but there is no executor named or the executor is deemed unfit to serve in that capacity.
- Is Probate or Estate Administration always necessary? In order to do anything with the assets left by a decedent, there must be an administrative process to sell, transfer, or distribute property. Some states won't make payment arrangements for water/sewage charges or property taxes with anyone other than the owner after a death unless that person produces Letters. Also any debts (mortgages, etc ) to the estate must be paid in a timely fashion.
- How much does it cost to file for Letters? The cost depends on the value of the estate, In New York, any estate valued at $50,000 or more will cost $250 -$1,250 for the court filing fee.
- How can I avoid Probate and Estate Administration? The only way to avoid probate is to have a trust that holds all of your assets. When you pass away, everything will be distributed amongst the beneficiaries you've named in the trust. Having a valid will at the time of your death will avoid estate administration through the courts but it will still have to be probated. the real advantage to having a will is that you decide who gets what. Not the court.
- How can I access my late mother's bank account? the only way you can access your late mother's account is if she signed a POD (Pay On Death) document or designated the account In Trust For you. Each designation would mean the funds in the account will be given to you upon your mother's death. The bank usually requires that you bring a copy of her death certificate, her I.D. your I.D, and her bank card to the bank to remove the funds and close her account. If you have a joint account with her, you don't need to do anything extraordinary to remove the funds because you are a joint owner. A joint bank account would not be considered an asset of her estate.