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Jointly owned property: Certain property held with survivorship rights often passes automatically to the surviving owner.
Not Everything Goes Through Probate in New York A Will Is Important, But It May Not Control Everything
Your will doesn’t control everything. A common misconception is that your will determines what happens to every asset you own. That isn’t necessarily the case. Beneficiary designations and survivorship rights generally govern assets under those arrangements. For example, if your will leaves a retirement account to one child but the account names another child as beneficiary, the beneficiary designation will generally overrule the will. What may still go through probate? Assets owned solely in your name without a beneficiary designation or survivorship provision may still require probate. These can include individually owned real estate, personal belongings, vehicles, and certain bank or investment accounts. Avoiding probate can be helpful, but it shouldn’t be the only goal. The bigger goal is creating an estate plan that reflects your wishes and makes things as clear and manageable as possible for your loved ones.
Some common assets can avoid probate. Several types of assets can pass outside probate when they are properly set up.
Estate planning has become synonymous with wills and probate. However, not every asset you own necessarily has to go through probate in New York. Many assets can pass directly to a beneficiary or surviving owner. Understanding how your assets are titled and who is named to receive them can help make things easier for your loved ones. What does ‘outside probate’ mean? Probate is the court-supervised process for handling assets owned solely by someone who has died without designating another way to transfer ownership. Some assets have built-in instructions for what happens after death. When those instructions are properly established, the asset can generally transfer directly to the person you designated. This can mean less court involvement, faster distribution, and greater privacy for your family.
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Living trusts: Property transferred into a revocable living trust generally passes according to the trust’s terms. Retirement accounts: 401(k)s, IRAs, and certain pension benefits typically pass directly to named beneficiaries. Life insurance: Proceeds generally go directly to the named beneficiaries. If there is no living beneficiary or the estate is named instead, the proceeds may become part of the probate estate. POD and TOD accounts: Payable-on- Death bank accounts and Transfer-on- Death investment accounts allow you to name someone to receive the account after your death without probate.
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MINI CROISSANT CRUST PECAN PIES MICHELE’S RECIPE CORNER
INGREDIENTS Pie filling
• 4 large eggs • 3 cups pecan halves, coarsely chopped Croissant crust • 2 tbsp unsalted butter, softened • 6 large croissants
• 1/4 cup unsalted butter • 1 cup light brown sugar • 1 cup light corn syrup • 2 tsp kosher salt • 1 tsp vanilla extract • 2 tsp bourbon whiskey (optional)
DIRECTIONS 1. In saucepan over medium-high heat, combine butter, sugar, syrup, salt, vanilla, and bourbon. Simmer, then whisk mixture and boil for 1 minute. Remove from heat and cool for 7 minutes. 2. Add eggs and whisk quickly to combine. Stir in pecans. Set aside until mixture thickens. 3. Preheat oven to 375 F. Grease a 12-cup muffin tin with butter. 4. Cut croissants in half, then open each like you’re making a sandwich. Line muffin cups with croissant pieces and press down. Remove any pieces that stick up over the edge. 5. Spoon pecan filling evenly into cups. 6. Bake until golden brown, about 25 minutes. 7. Remove and let sit for 5 minutes. Let cool completely.
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