Probate

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What is probate?

Probate is the legal process of settling an estate after a person has passed. A petition must be filed with the court and a personal representative must be appointed (Executor). The personal representative is responsible for the following:

• Collection of inventories and appraisal of assets of the person who has died.
• Protection of the estate's assets.
• Payment of decedent's debts.
• Distribution of the remaining assets to the proper parties as provided by law.

When is probate unnecessary?

There is generally no need for probate if a person dies and:

• The person owns personal property in his/her name alone that is valued less than $20,000.
• The person owns no real property in his/her name alone.

When is probate necessary?

• If a person dies and owns real estate (regardless of value) either in his/her name alone or as a "tenant in common" with someone else, a probate proceeding is required.
• When a person dies and has no real property, but has personal property in his/her name alone totaling $20,000 or more, a probate proceeding must be filed.
• When a person dies and has a combination of real property and any amount of personal property in his/her name alone, a probate must be filed.

Everyone at some point in time will experience the passing of a loved one. Its a very emotional time for all, especially when its unexpected. But along with that emotion comes responsibility. Many spouses, siblings and close family members are left to deal with the aftermath and sometimes that can make the mountain seem impossible to climb, especially if the loved ones don't even reside in the city of the deceased.

Executor's have the burden of accomplishing so many tasks in what seems so little time. From dealing with Attorney's, Paperwork, Real Estate, Cleaning, Inventory, Boxing & Moving, Family Members, Government and more. All while dealing with their own lives as well. We at Queens County Estates are here to make this strenuous and heart aching process much easier and lighter for the Executor and family. Since we can close on homes in as fast as 10 days, we can quickly assist executors in liquidating the real estate to help pay off any creditors, lenders, probate attorneys, estate taxes, income taxes, Medicaid bills of the estate so the heirs can receive their dues. Also, Queens County Estates will help the Estate save on 6% brokerage commissions and escrow fees since we are the DIRECT cash BUYER, and we ARE NOT REAL ESTATE BROKERS.