Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance specific to your situation.
Detailed Answer
Preparing for probate in New York means gathering key information and documents before a person’s death. This effort helps reduce delays, minimize costs, and simplify court procedures under New York’s Estates, Powers & Trusts Law (EPTL).
1. Estate Planning Documents
- Last Will and Testament: The signed will specifies distribution of assets. Under EPTL §3-2.1, a will must be signed by the testator and two witnesses (EPTL §3-2.1).
- Codicils or Amendments: Any changes to the will must also meet signing and witnessing requirements.
- Revocable Trusts: Copies of trust agreements help avoid probate. List successor trustees and beneficiaries.
2. Asset Records
- Real Estate Deeds: Copies of deeds and property tax assessments. Verify titles and joint ownership status.
- Bank Statements: Recent statements for checking, savings, money market, and CDs. Note account numbers and co-owners.
- Investment Accounts: Brokerage, retirement (IRA, 401(k)), stocks, bonds. Include beneficiary designations.
- Life Insurance Policies: Policy numbers, coverage amounts, named beneficiaries.
- Business Interests: Partnership agreements, corporate bylaws, stock certificates, buy–sell agreements.
- Safe-Deposit Boxes: Location, bank name, box number, authorized signers.
3. Debts and Liabilities
- Mortgage and Loan Documents: Outstanding balances, lender contact details.
- Credit Card Statements: Recent balances and account numbers.
- Medical and Funeral Expenses: Prepaid funeral contracts or cemetery plots.
4. Personal Data and Contacts
- Personal Identification: Social Security number, birth certificate, marriage certificate.
- Digital Account Information: Passwords, login credentials for email, social media, and financial portals.
- Professional Contacts: Attorney, accountant, financial advisor names and contact details.
5. Filing and Depositing the Will
Under EPTL §3-2.7, the testator can deposit the will with the Surrogate’s Court before death for safekeeping (EPTL §3-2.7). This ensures the will is accessible at the time of probate.
Collecting all these documents in one organized file and sharing their location with your executor or trusted family member can dramatically streamline the probate process in New York.
Helpful Hints
- Create a secure, indexed binder or digital folder labeled “Estate Planning.”
- Review and update documents every 2–3 years or after major life events.
- Inform your executor and family members where to find the estate file.
- Use clear labels and checklists to track collected items.
- Consider digital backups with encrypted access for critical records.
- Keep beneficiaries up to date on all payable-on-death accounts.
- Maintain a list of all fiduciaries (executor, trustees) with contact information.