5 QUICK QUESTIONS TO DETERMINE YOUR QUESTIONS TO DETERMINE “YOUR PROBATE IQ”
Most people believe having a Will is enough to keep their family out of court. Unfortunately, that’s one of the most common legal misconceptions I see.
Take this quick 30-second audit to see where you stand:
- Who determines how your assets are distributed if you die without a plan? (Answer: It’s the State, not your spouse or kids.)
- Is your Will private? (Answer: Once filed with the Surrogate’ Court, your Will is a public record for anyone to see.)
- Can your family access your individual bank accounts immediately upon your death (even to pay for your funeral)? (Answer: If those accounts are in your name only and do not have named beneficiaries, they might be frozen for months.)
- Does your Will avoid probate if it meets the New York State requirements for Will signing? (Answer: Actually, no. Even though properly executed, your Will must still be probated in order for your nominated fiduciaries to take any action.)
- Are all trusts probate – proof? (Answer: No. Only funded trusts bypass probate.)
The Verdict: If you weren’t 100% sure about even one of these, your family could be facing exactly what you were trying to avoid.
The goal of a comprehensive estate plan goes beyond simply transferring your assets. It’s your strategy to shield loved ones from courtrooms and chaos.