Long Island NY Real Estate Probate

Probate is the legal process through which a deceased person’s estate pays debts and distributes assets to their heirs.

Properties that are under a name of a deceased owner can’t be sold until an executor has been duly appointed by the probate court.

You will need a specialist who can help you because a probate sale includes a number of procedures and formalities with which ordinary

real estate agents are generally unfamiliar.

The probate process begins by filing the original Will and a probate petition with the court. The court will issue a decree granting probate

when all concerns are addressed and once jurisdiction is complete.

The court will also issue Letters Testamentary to the Executor or Executor as named in the Will. This document will give the Executor

the authority to administer the estate.

The Executor will be responsible for identifying and inventorying the decedent’s property. He or she should also follow all terms stated in

the Will.

Appointment of an executor of the estate.

This includes the names of the executor or

administrator of the estate. Without a will, often the spouse or an

adult child of the decedent must ask the court to appoint him or her as administrator of

the estate.

Proving the validity of the will

The next step is for the court to verify if the will

is valid. You’ll need at least two witnesses who

must sign in the presence of the other.

Inventory of assetsThe deceased’s assets must be identified and an inventory should be

made before its distribution.

Appraisal of propertyis needed to determine

the cash value of the estate’s non-cash assets

including real estate, artwork, or jewelry.

Sale of the propertyYour home will be listed on multiple listing services and marketed.

The property must sell for at least 90% of the appraised value.

Payment of estate debts The estate pays any debts or taxes owed. Sometimes, the executor

may need to sell assets from the estate to settle the debts and expenses.

Estate accountingThe executor should prepare and file an

estate accounting with the court.

Distribution of assetsThe next step is the

distribution of assets to heirs. Without a will,

the distribution follows the state law.

Closing the estateAfter the distribution of assets, it is the duty of the executor to file any

remaining paperwork with the court. This will release the executor from his duties and officially close the estate.

If you need help selling real property through probate, call me, René Perrin at 516-802-3785.

René Perrin Call me...

516-802-3785Probate is a complicated, lengthy, and expensive

process. But, with my expertise as an experienced Long Island real estate probate

agent, I can help you do it as quickly as possible.

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