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When a loved one passes away, their estate typically goes through a legal process known as probate. In New York, understanding which assets are subject to probate and which ones are exempt can help streamline the estate settlement process. This article will delve into the specifics of what assets do and do not go through probate in New York, shedding light on how different types of property are handled according to the legal code.

Assets Subject to Probate

Assets that are subject to probate in New York include:

  • Real estate solely owned by the deceased

  • Bank accounts solely in the deceased’s name

  • Investment accounts solely owned by the deceased

  • Personal property solely owned by the deceased

Legal Code Reference:

New York Consolidated Laws, Estates, Powers and Trusts Law – EPT § 3-1.1

Assets Exempt from Probate

Assets that typically do not go through probate in New York include:

  • Jointly owned property with rights of survivorship

  • Retirement accounts with designated beneficiaries

  • Life insurance policies with named beneficiaries

  • Assets held in a living trust

Legal Code Reference:

New York Consolidated Laws, Estates, Powers and Trusts Law – EPT § 3-1.2

Handling of Assets During Probate

During the probate process in New York, assets subject to probate will be inventoried, appraised, and eventually distributed to the beneficiaries named in the deceased’s will. This process is overseen by the executor of the estate, who ensures that debts and taxes are paid before distributing the remaining assets.

Final Distribution of Assets

Once all debts and taxes have been settled, the remaining assets in the estate will be distributed to the beneficiaries according to the terms of the will or the state’s intestacy laws if there is no will in place. This final distribution marks the conclusion of the probate process in New York.

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