Legal Question in Wills and Trusts in New York
Since your site offered- I am requesting a free answer to a legal question---
My mother died and owned her condo worth about $430,000 located in New York. Her total worth (including the condo)was under $500,000. Does the will have to be probated?
1 Answer from Attorneys
To "probate a will" means that the Surrogate's Court acknowledges that the will is authentic. It allows the executor to perform under a will through the granting of Letters Testamentary.
If your mother died and the shares were under joint name with you, then you would not have to probate the will since the shares transferred to you under law (you were a joint holder). Otherwise, to transfer the shares, you would have to probate the will.
Finally, it seems that you are confusing probate with tax. These are two separate issues.
Mike.
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