There certainly are some advantages to avoiding probate. These include the following:

Minimizing fees. Although probate is fairly streamlined in New York compared to states like California and Florida, it does involve lawyer fees and court filing fees. This can be an expensive proposition in many cases. This is especially true if you own real estate in a different state, because probate proceedings would be required in both states. These fees can be reduced or eliminated by avoiding probate. Many estate planning attorneys will use a living trust to avoid the cost associated with the probate process.

Avoiding Loss Due to Delays in Probate. One problem that immediately confronts an attorney on a client’s death is that stocks and bonds registered in the client’s name cannot be sold until probate of the Will and issuance of letters giving the executor authority to act. As we have seen in recent years, the ability to sell securities quickly can be critical. Even in the best of circumstances, probate often takes several weeks and requires information and signatures by family members at a time when the family may not want to focus on such questions. By contrast, if securities accounts are held in a revocable trust, the trustee can make investment decisions immediately, before the Will is admitted to probate.

Protection from Will Contest. By avoiding probate, such as by putting all of a client’s assets into a revocable trust, the requirement that heirs-at-law be notified of their right to contest can be avoided. This reduces the number of possible lawsuits simply because most people do not think about challenging the disposition of an estate unless they are given notice of their right to do so. However, in an acrimonious situation, the contestants will likely challenge whether or not they are served with a citation.

Privacy. Wills and probate proceedings are matters of public record. Some clients do not want their Wills to be on file with the court and be available for examination by their neighbors or the curious. If you would like to keep your affairs private, and prefer that people do not know how your estate was distributed, avoiding probate through a revocable trust or other mechanism is the only way to do so.

 
More related articles

• How To Probate a Will in New York State
• What is New York Probate?
• What Property is Not Included in the New York Probate Process?
• How Long Does it Take to Complete New York Probate?
• Are Most Wills Admitted to New York Probate Without a Will Contest?
• What if the New York Decedent Left No Will?
• Can I Handle New York Probate on My Own?
• Is There an Advantage to Avoiding New York Probate?
• What Is the Responsibility of the Executor after the Will is Probated in New York?
• What Taxes are Involved in Administering the New York Estate?

Larry

Lawrence J. Peck, Esq.
Founder of the Estate Planning New York Group
Manhattan, New York City

P.S. Click here for access to the 26 Most Common Estate Planning Mistakes.