Long Island Estate Planning Lawyer

What Is the Difference Between Probate & Administration of an Estate?

Administration is a term used when a person dies without a Last Will and Testament. This involves a person who has the legal standing to seek the appointment to be the Estate’s representative in order to manage and distribute the deceased person’s assets according to the Laws of the State of New York.

Probate is a term used when a person dies with a Last Will and Testament. In this scenario, the named Executor/rix seeks to be appointed as the Estate representative, requesting the Court admit that Will to Probate and then the Executor/rix has the authority to marshal and distribute the assets of the deceased according to the terms of the Will.

The threshold in New York Surrogates Court is $50,000 or more. This threshold applies to all assets held solely in the deceased name.

It can be bank accounts, real estate, or what have you. However, certain assets that have named beneficiaries or that are jointly held are not included. Every case is unique, so it is best to seek a consultation with an estate/probate attorney who can provide you with tailored advice specific to your scenario.

Dealing with the loss of a loved one is difficult. It’s important to have proper legal guidance during this challenging time. Treglia Law offers assistance with probate administration and estate processes, ensuring that your loved one’s wishes are properly administered and distributed. Elisa works closely with clients to navigate the legal aspects of the probate process and provide support during this difficult time.

How Will Treglia Help Me Plan For The Future?

Protecting Assets

Protecting your assets is an important part of estate planning. A good attorney can help you create an asset protection plan that shields your assets from potential lawsuits or creditors. For example, they can help you set up a trust to protect your assets or create a limited liability company (LLC) to protect your business assets.

Creating a Will

A will is a legal document that outlines how your assets will be distributed after your death. Without a will, your assets will be distributed according to state law, which may not align with your wishes. A good attorney can help you create a will that reflects your wishes and meets all legal requirements. They can also ensure that your will is properly executed, so there are no challenges to its validity.

Minimizing Taxes

Estate taxes can significantly reduce the value of your estate and impact how much your loved ones inherit. We can help you minimize your estate tax liability by creating trusts or other estate planning tools. For example, they can help you set up a revocable living trust, which can help you avoid probate and potentially reduce estate taxes.

Planning for Incapacity

One of the most critical aspects of estate planning is planning for incapacity. It’s important to have a plan in place in case you become unable to make decisions for yourself due to an accident or illness. A good attorney can help you create a durable power of attorney for healthcare, which will allow someone else to make medical decisions on your behalf. Additionally, they can help you create a durable power of attorney for finances, which will allow someone else to manage your financial affairs if you become incapacitated.

Business Succession Planning

If you own a business, it’s vital to have a plan in place for its succession in the event of your death. A knowledgeable attorney can help you create a business succession plan that ensures your business continues to operate smoothly after your death. They can help you create a buy-sell agreement that outlines how your business will be transferred to your heirs or sold to a third party. They can also help you create a trust to hold your business assets and ensure they are distributed according to your wishes.