What assets are subject to probate in New York state?

In New York, the answer is that most of your assets will go through probate. This includes real estate, personal property, and financial accounts. If the deceased person had a valid will, their assets will be distributed according to the terms of the will. If they did not have a will, their assets will be distributed according to state law.

In either case, the Surrogate's Court must approve the distribution of assets before they can be transferred to the rightful heirs. The probate process can be complex, so it is important to seek legal assistance if you are named as an executor in a will or if you are an heir to an estate.

Assets subject to probate in New York:

• Real property. If the deceased is the only person listed as an owner of the house or real estate on a deed, that property will have to go through probate. Where all the money owed on the property is paid, like taxes or liens, and then it is established who will inherit it. If there is more than one owner of a property but it includes a right of survivorship, then the property will automatically pass to the surviving owner without having to go through probate.
• Personal property. Probate may be required for most of your personal assets. This could include things like cars, boats, planes, paintings, furniture electronics, safety deposit boxes etc.
• Bank accounts Accounts that are typically subject to probate include bank accounts and investment accounts. To open a life insurance policy or retirement account - you are required to list a beneficiary upon opening the account. Accounts with a listed beneficiary typically do not need to go through the lengthy probate process.

Are any assets exempt from probate in New York?

• Jointly owned assets are not subject to probate because they automatically pass to the surviving owner.
• Assets with a named beneficiary also bypass probate because the beneficiary is legally entitled to the asset.
• Retirement accounts and trusts are not subject to probate because they have listed beneficiaries upon opening the account/trust.
• Transfers on death accounts are not subject to probate because they are set up to automatically transfer to the named beneficiary upon the account holder's death.

If you would like more information on probate and the assets that are subject to it, or you would like help understanding what assets are exempt from probate in New York, please don’t hesitate to contact us or call us. Our knowledgeable and friendly staff would be happy to answer any questions you may have and provide assistance as needed.