Mishiyeva Law, PLLC, is a law firm concentrating on probate and estate law, located in the heart of the Financial District of New York City . To help people better understand this area of law, the law firm has compiled a short FAQs list below:
What is an estate?
An estate is essentially everything you own from personal property, such as bank accounts, life insurance, 401k plans, electronics, copyrights, vehicles, to real property, including co-ops.
What is a last will and testament?
A legal document that outlines the distribution of your personal and real property. A will can also name a guardian for your minor children, and set up a trust for any beneficiaries with special needs.
What is probate?
Probate is the act of filing a deceased’s last will and testament with the Surrogate’s Court. If the will is determined to be a valid instrument by the court, estate assets are distributed pursuant to the terms of the document. An executor is appointed to oversee the probate process.
What if I don’t have a will at death, does probate still occur?
In the case where a decedent dies without a will, the legal process to administer an estate is no longer titled probate but rather estate administration. The process is very similar, except that the decedent’s assets are distributed to his or her next of kin pursuant to New York law.