In the State of New York, there are simplified probate procedures if the estate at issue is small enough. Probate property and assets sent through this process will be able to pass more easily and at greater speed.
If the property at issue, excluding real estate and amount set aside for surviving family members, has a gross value of no more than $30,000, estate executors are able to utilize these simplified probate procedures. The executor files a request with the court to utilize these simplified procedures and has to attach a certified copy of the deceased’s death certificate. Notice of the request to use these procedures is then mailed by the court clerk to each person named in the will. It’s then the executor’s responsibility to give a copy of the request to anyone holding the deceased’s property. The executor then is able to collect that held property.
The executor next opens a bank account for the estate in which they deposit estate funds out of which they can administer the estate. They then pay, from the estate funds, the costs of estate administration, reasonable funeral expenses, and debts of the deceased person. If there are not adequate funds to make these payments, any personal property collected by the estate executor is able to be sold to fund them. Any remaining assets are to be distributed to estate beneficiaries named in the will. Lastly, the executor must file with the court an accounting of all property collected and distributed.
There is no waiting period after the deceased’s death to start this process.
The executor also will likely have to obtain a probate surety bond in order to guarantee the protection of the interests of the estate and its beneficiaries in accordance with applicable state law.
Where can you purchase instant probate surety bonds?
Colonial Surety offers the direct and digital way to obtain probate bonds, also known as estate bonds, personal representative bonds, administrator bonds, and executor bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!