New York State Probate Estate Value

[p11166]

What is the name of your state? New York

In the state of New York, what is the estate value at which you must go through probate?

My mother does not own the home she lives in (my brother does). She has very little savings (~$12,000). No car and only her personal possessions. She does have a Will for some of those possessions that she wants to go to sons, daughter and grandchildren.

I live in Arizona and here the value is $50,000 but I know it varies by state. She is vary worried that the cost of probate will exceed her estate value and none of her heirs will get anything, the state will get it all.

Regards,
P11166

 

[seniorjudge]

What is the name of your state? New York

In the state of New York, what is the estate value at which you must go through probate?

My mother does not own the home she lives in (my brother does). She has very little savings (~$12,000). No car and only her personal possessions. She does have a Will for some of those possessions that she wants to go to sons, daughter and grandchildren.

I live in Arizona and here the value is $50,000 but I know it varies by state. She is vary worried that the cost of probate will exceed her estate value and none of her heirs will get anything, the state will get it all.

Regards,
P11166

If she has assets and is worried about the cost of probate, then she should set up a revocable living trust.

 

[Dandy Don]

Probate does NOT cost as much as she thinks it does.

You can contact the county surrogate court for whatever county you think her estate will be probated in to find out what the minimum value for a smaller estate is. Main thing she needs to do is make sure her will is drafted by an attorney so she can find out in advance what the specific costs and taxes will be so she can plan for them.