Your guide to areas of elder law.
New York is home to some affluent and well-to-do families with various assets and estates. Although disputes in Wills could happen to everyone; the aid of a long island probate attorney is more common among people with plenty of possessions.
Probate & Estate Litigation Explained
It’s a normal practice for seniors to prepare their Will ahead of time with their Elder Law attorneys to secure the future of their loved ones. Assets such as real estate, stocks, bonds, and other property could be divided among immediate and/or extended family members. Seniors always have the option to give their possessions to anyone they wish to. But oftentimes, as is the case when it comes to financial aspects, it’s not as easy as it sounds.
Probate is a legal process involving the collection and distribution of the decedent’s properties. The executor, which is the decedent’s lawyer, would be in charge of giving the assets according to the Will. Not all of the decedent’s possessions will undergo probate. Property such as death proceeds from insurance policies and retirement accounts for instance, would go directly to the proper beneficiaries.
Estate Litigation on the other hand, are any claims or disputes towards the decedent’s property or Will. Creditors and family members all have equal opportunities to file a claim if they believe some form of injustice or doubt is present. In a number of cases, the help of certified mediators could attempt to settle disputes outside of court. Both parties sit down and discuss the issue until an agreement can be reached. If this doesn’t work, the court would have to hold a hearing or trial for the final decision.
Reasons for Contest
Family members and/or creditors might file claims to the decedent’s property or Will due to various reasons:
Arguments because of estate and property isn’t only typical of the wealthy – many middle class and low income families have similar problems. During a claim, the executor or probate attorney might approve of it if it is valid. If it isn’t, the family member or creditor would need to make a court petition for payment.
Surviving a Dispute
It would be nice to assume that the decedent had clear and wonderful intentions upon writing the Will. However, since this isn’t true for all; the assistance of an experienced Elder Law attorney during claims would be necessary. Their skills and knowledge are crucial during a time of great doubt. Estate litigation itself is a broad aspect covering complicated laws and proceedings. Such concerns are actually difficult to handle; but good probate lawyers would be there each step of the way to offer their services and professional guidance.