in New York State, can any disbursements be made to beneficiaries before probate is conmpleted?
- AngeloElectroLv 61 decade agoFavorite Answer
Probate is a long process and making disbursements to the beneficiaries is one of the steps before completion. Sometimes, partial disbursements are made, then a final disbursement takes place before the final accounting, near the end of the process.
The estate is responsible for paying funeral bills, creditor debts, any other outstanding bills, fees, and taxes before distribution to beneficiaries is made. A record of all transactions is recorded and after the court approves the final accounting, the estate may be closed. When to make distributions would be a decision left up to the sound judgment of the Executor. Usually, he is willing to make them as soon as possible.
No distributions from the Estate will be made to beneficiaries before the Last Will is deemed valid, and the Executor is duly appointed. That could take a couple months or more.
Certain small estates qualify for a simplified process, but the Will must still be deemed valid, and the personal representative appointed before distributions can be made.
Many assets are transferred outside of the probate process. Joint bank accounts, other jointly held property, for example, belong immediately to the co-owner, and insurance proceeds will go immediately to the named beneficiary.
Here's a link I found on the web outlining the probate process:
- 1 decade ago
I don't believe so. Anything that is disbursed before probate could be subject to collection should the court find that it was not properly distributed. You should wait for the will to clear probate first. So long as its uncontested, it shouldn't take too long.
- pfeiferLv 44 years ago
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- BellaDonnaLv 51 decade ago
say again...in English this time?