When dealing with estate assets, it is a necessary to go through a legal process. Probate involves the collection and distribution of a decedent's assets in accordance with their will and other estate planning tools. In New York, the elements of a person's estate may be located, debts may be paid, beneficiaries identified and assets passed out all through the probate process.
When developing an estate plan, there are some things to keep in mind and there are some things to avoid. Typically, one is told they want to avoid high costs associated with the execution on an estate plan following his or her death; thus, they are told avoiding probate is a must. While avoiding probate can reduce costs, it is still important to understand what the process is, why it is necessary and why it is not such a negative procedure.