If you are an heir of an estate in probate or trust in New York state, you will most likely want to make sure you are on the same page as your attorney – and be well aware of any new probate laws in New York. Moreover, if you are motivated to receive rapid inheritance advance funding, with low inheritance advance or probate advance rates – you will want to choose your estate advance or inheritance cash advance funding company with great care.

 

Inheritance Advance Funding and “Probate Loans” in New York

A lot of heirs of New York probate estates and trust beneficiaries would rather receive an advance on inheritance from their parents, or remaining parent, if they are still living. Yet when inheritance advance funding from parents, or the one surviving parent, is not possible due to the death of both parents – heirs of New York estates frequently will get an advance on inheritance, typically a large advance inheritance, from a so-called “estate loan” or “inheritance loan” company. An inheritance cash advance transaction, that heirs often (incorrectly) refer to as “borrowing against inheritance”, or getting an “inheritance loan” or “probate loan”. A lot of impatient heirs will get inheritance advance funding through an advance inheritance or probate advance firm; usually a probate cash advance company with a positive reputation – typically one of the more established inheritance advance funding companies that has been funding heirs like this for over a decade, or for decades. Many heirs pursue a 48 hour or 72 hour probate cash advance; which is what most heirs view as the best inheritance advance funding option – which also means inexpensive inheritance advance funding from an online inheritance cash advance company.

How Can You Get Fast Inheritance Funds in New York State?
Although probate in New York state is generally slow, there are ways to access inheritance money more rapidly than waiting 15, 18 months for probate to end. Inheritance advance funding is almost always fast for heirs or beneficiaries… it has to be due to the competitive nature of the inheritance cash advance business. My Inheritance Cash inheritance advance funding typically provides heirs with 2, 3 day funding turnaround. The firm never requires up-front fees, does not charge monthly payments, and imposes no interest, no credit report requirements and no credit score requirements.

 

How Do You Get Approved For a Probate Advance, or What Heirs Often Refer to as an “Inheritance Loan” or “Probate Loan” in NY?
Documentation to get a probate advance is simple compared to document requirements for an interest based personal loan from a bank. It is worth noting that My Inheritance Cash provides inheritance cash advance assignments, not interest bearing loans, although most heirs and their lawyers often refer to these assignments as inheritance loans, estate loans or probate loans. To get approved for a probate advance in New York, heirs of estates in probate or trust fund beneficiaries must produce a valid Photo I.D., documents proving status as a valid heir of a New York estate or trust, proof of all inheritance assets to be received – real property, liquid assets, and personal property… along with the amount of advance inheritance money being requested for advance inheritance money – again, what many heirs and beneficiaries, and even inheritance advance funding companies, refer to as “estate loans”, “inheritance loans” or “probate loans”… and getting a “loan on inheritance”, or “borrowing against inheritance…”

How Do You Know If You Qualify for Inheritance Advance Funding?
In addition to valid documentation, you must be an heir to an estate in the United States or in Canada; you have to be at least 18 or older – with an inheritance of $15,000 or more, with some exceptions. The critical issue for heirs of estates in New York is figuring out what the value of any inherited real property is, as well as factoring in liquid assets – as to whether or not it’s possible to be approved for inheritance advance funding based the heir’s share of the estate. Usually fast paced, and relatively low-cost, inheritance advance or estate advance companies typically offer affordable rates and provide advance inheritance funds that are generally viewed as “fast inheritance cash advance funding”. Typically, inheritance advance funding takes no more than a day or two, sometimes as much as three days – so the speed factor is rarely an issue for heirs these days. My Inheritance Cash probate advance transactions are structured to allow heirs to access their inheritance money as rapidly as possible, usually in a few days. At the most, with a 72 hour probate cash advance, before probate closes, so heirs can use the money as they like, within a relatively fast timeframe…

Is a New York Inheritance Advance a Cash Advance Assignment, or is it a “Loan on Inheritance” or “Borrowing Against Inheritance”?
Inheritance cash advance assignments in New York are not technically “interest bearing loans”, therefore there is no risk of recourse for non-payment. Heirs getting advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.” Fast inheritance advance companies, or discounted probate advance firms, do not technically provide inheritance loans or probate loans to clients.

Inheritance Laws in New York

New York is one of twelve states and the District of Columbia to impose an Estate Tax on descendants who owned property on or were residents of it. 

Does New York Have an Inheritance Tax or Estate Tax?

There is no Inheritance Tax in New York, though there is an Estate Tax. At the time of writing, Estates valued at or above $5.25 million were required to file the latter within nine months of the deceased’s passing, with extensions available. Those who own property in New York but who are not residents there, only their property in New York counts toward this exemption.

Other Necessary Tax Filings

Estate Tax in New York is supplementary to the federal Estate Tax, which includes estates whose value of Gross Assets and prior Taxable Gifts is or exceeds $11,180,000, and must be filed within nine months of the deceased’s passing. Extensions of six-months can be granted, so long as they are properly requested in time.

In addition, both the New York State and federal governments require that a final individual income tax be filed for the deceased, by tax day of the year following the person’s death. Likewise, a federal Estate/Trust income tax return must be filed by April 15th of the year following the deceased’s passing.

The IRS requires that an Estate be filed under its own EIN (Employer Identification Number) in representation of all tax-related matters. 

How Estate Property Is Categorized by New York Inheritance Law

In the State of New York, property is considered either a) real, such as land, a house, etc; or b) personal, such as cars, furniture, family heirlooms, etc. Unlike some states, New York is not a community property state, meaning that a spouse will not necessarily receive (the majority of) property upon the deceased’s passing.

Dying With a Will (Testate) in New York

In most cases in New York where there is a valid will and/or real property, an Estate will enter Probate to be properly distributed. To be valid, a will must have been signed by the deceased in the presence of two witnesses, who must also sign the will. An Executor should be named, who will distribute the Estate and settle any/all outstanding debt, liabilities, etc.

When filing a will for Probate, include a) the will, b) the death certificate, c) the Petition for Probate, d) any other relevant documents. In some counties, it is possible to file online, though it is recommended that the assistance of a lawyer be obtained. 

For estates valued at or less than $30,000, with no real property (or real property that was owned jointly), and estate can bypass the Probate process and file as a Small Estate instead.

Dying Without a Will (Intestate) in New York

When a person dies without a will, his/her Estate is considered to be intestate, meaning that the Estate will be distributed according to New York State Intestacy Succession Law. If the estate is solely composed of real property, it can bypass Probate and go to the nearest heir.

Where there is no will, and thus no Executor, the court will appoint a Personal Representative to manage the estate, including settling any outstanding debts, etc.

Spousal Inheritance Law in New York State

Upon the deceased’s death, New York Law states that a spouse is entitled to an elective share of the Estate; at the time of writing, $50,000 or one-third of the Estate. When a spouse does not receive this amount through a valid will, he/she can claim the right to this amount within six-months after the naming of an Executor or Personal Representative.

When there are no children from or outside of your marriage, your spouse will receive all property of an intestate Estate. Where children are concerned, a spouse is entitled to $50,000 of an Estate, plus half the remaining balance, with the other half going to your children.

Spouses who have been disinherited are still eligible to receive a portion of the deceased’s Estate, though the amount will vary based on non-probate assets.

Children and Inheritance Law in New York

In the State of New York, biological children and those who have been legally adopted by the deceased are given full inheritance rights. When the deceased does not leave behind a spouse, children are entitled to the entire Estate, whereas they will only receive one half of your Estate, after a spousal deduction of $50,000, in cases where a widow(er) survives the deceased.

Grandchildren’s Inheritance Rights in New York

In the State of New York, your grandchildren are entitled to a portion of your intestate Estate only if their parent (your child) pre-deceased you. As stipulated by a will, grandchildren are eligible to receive any property, assets, etc that you bequeath to them.

Inheritance Law & Unmarried People Without Children in New York

The property in your estate will go to your parents if you die without a surviving spouse or surviving children. But if your parents predecease you, then your siblings will split your estate evenly, according to New York inheritance laws.
Should all of the heir possibilities above not survive you, your estate will go to either one or more of your surviving grandparents, split evenly between your paternal and maternal sides. But if none of your grandparents survive you, your estate falls into the control of your aunts and uncles, with it again being split evenly between your paternal and maternal sides. Should only one side end up having heirs that survive you, the entire estate will go to them in both situations.
As a last possibility, your nieces and nephews will receive your estate. This will again be divided between each side, half and half, with the entire estate going to one side if there are no surviving nieces and nephews on the other.
If New York courts review every possible heir option and there is no one alive or available to receive your property, the state will obtain ownership rights to your estate. This is due to New York’s abandoned property law.

Non-Probate New York Inheritances

A non-probate asset in New York is property that has its ownership transferred not via intestate succession laws or even a valid will, but instead through beneficiary designation. The state includes in this group joint bank accounts, life insurance policies, retirement accounts and benefits, “in trust for” bank accounts, real property held by joint tenants and property held in a trust.
All of these accounts and pieces of property require you to name rights of survivorship or a beneficiary, so there’s no chance that the property will go to anyone other than the named individual or group, as long as the person is still alive. However, you can name your estate as a beneficiary, which would subject its inheritance to either your will or intestate succession.

Other Situations in New York Inheritance Law

Deathbed marriages are a growing trend in the U.S. They involve a caretaker or another opportunistic person marrying a decedent just before he or she dies solely for the purpose of gaining spousal rights to the inheritance.
New York offers family members the ability to annul the marriage if they can prove to the courts that the individual marrying their relative is doing so particularly for the purpose of fraudulent financial gain. Unlike some other similar laws, New York allows these proceedings to be completed even following the death of a decedent.
Resources
Click Here for a New York Inheritance Advance or Probate Advance Representative

Inheritance Advances & Probate Advances

If you are an inheritor, or heir, of an estate in probate or trust in New York State, you may be motivated to get fast, secure inheritance funding with low rates, which many heirs call inheritance advances & probate advances – even though so-called “inheritance advances & probate advances” are actually not loans but are interest-free cash advances — zero-interest assignments without any credit requirements. Heirs are generally careful to choose an inheritance funding company with great care.

 

Inheritance Advances & Probate Advances in New York State

A lot of heirs of New York estates and trust beneficiaries would prefer an advance on inheritance directly from their parents, or remaining parent. Yet when inheritance advance funding from parents, or the one surviving parent, is not possible – heirs of New York estates frequently will have to shift to a secondary option – and get an advance on inheritance, one of many inheritance advances & probate advances… typically a large advance inheritance, from an inheritance funding company specializing in rapid inheritance advances & probate advances, with lowish rates; which heirs often refer to as “borrowing against inheritance”, or getting an “inheritance loan” or “probate loan”, as many heirs call this type of inheritance funding, technically loans or not. A lot of impatient heirs will carefully research inheritance advances & probate advances, to get inheritance funding through an especially fast advance inheritance firm online, which usually tends to be an inheritance funding company with an established reputation in inheritance advances & probate advances – funding heirs for decades. Many heirs pursue a 48 hour or 72 hour probate cash advance; which is what most heirs view as the best inheritance advance funding option – which also means inexpensive inheritance advance funding from an online inheritance cash advance company.

How Can You Get Inheritance Advances & Probate Advances in New York?
Although probate in New York state is generally slow, the financial options reviewed here are merely avenues to access inheritance money more rapidly than simply waiting 15 or 18 months for probate to close in order to access one\’s complete inheritance. Inheritance funding, so-called inheritance advances & probate advances, are almost always fast for heirs and beneficiaries… Frankly, it must be due to the competitive nature of the inheritance advance business. My Inheritance Cash inheritance funding typically provides heirs with 2 or 3 day funding turnaround of inheritance advances & probate advances. The firm never requires up-front fees, does not charge monthly payments, and imposes no interest, no credit report requirements and no credit score requirements.

How Do You Get Approved For a Probate Advance in NY?
Documentation to get a probate advance is simple compared to document requirements for an interest based personal loan from a bank. To get approved for a probate advance in New York, heirs of estates in probate or trust fund beneficiaries must produce a valid Photo I.D., documents proving status as a valid heir of a New York estate or trust, proof of all inheritance assets to be received – real property, liquid assets, and personal property… along with the amount of advance inheritance money being requested for advance inheritance money – again, what many heirs and beneficiaries, and even inheritance advance funding companies, refer to as getting a “loan on inheritance”, or “borrowing against inheritance…”

How Do You Qualify for Inheritance Funding?
In addition to valid documentation, you must be an heir to an estate in the United States or in Canada; you have to be at least 18 or older – with an inheritance of $15,000 or more, with some exceptions. The critical issue for heirs of estates in New York is figuring out what the value of any inherited real property is, as well as factoring in liquid assets – as to whether or not it’s possible to be approved for inheritance advance funding based the heir’s share of the estate. Usually fast paced, and relatively low-cost, inheritance advance or estate advance companies typically offer affordable rates and provide advance inheritance funds that are generally viewed as “fast inheritance cash advance funding”. Typically, inheritance advance funding takes no more than a day or two, sometimes as much as three days – so the speed factor is rarely an issue for heirs these days. My Inheritance Cash probate advance transactions are structured to allow heirs to access their inheritance money as rapidly as possible, usually in a few days. At the most, with a 72 hour probate cash advance, before probate closes, so heirs can use the money as they like, within a relatively fast time-frame…

Are New York Inheritance Advances “Cash Advance Assignments” ? Or Are They Inheritance Loans & Probate Advances?
Inheritance cash advance assignments in New York are not technically “interest bearing loans”, therefore there is no risk of recourse for non-payment. Heirs getting advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments: “inheritance loans & probate advances”, or “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”. It is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.”

Inheritance Laws in New York

New York is one of 12 states, along with the District of Columbia, that tax the estates of decedents who were residents or who owned property located within its borders. Aside from this, there are many other factors that go into how the state handles inheritances, beginning with whether or not you have a valid will.

Does New York Have an Inheritance Tax or Estate Tax?

While New York doesn’t charge an inheritance tax, it does include an estate tax in its laws. Through Dec. 31, 2018, the state has set a $5.25 million estate tax exemption, meaning if the decedent’s estate exceeds that amount, the estate is required to file a New York estate tax return. The state government requires that these be filed within nine months of the deceased’s death, though extensions are available. The highest tax rate you could possibly receive is 16%.

It’s necessary to file a New York estate tax return if the estate’s total value exceeds the exemption listed above, according to New York inheritance laws. But for those who simply own property in New York but aren’t residents, only the value of their property in New York is included in this law.

Other Necessary Tax Filings

New York estate tax is in addition to federal estate tax that calls for individual estates worth more than $11,180,000 between gross assets and prior taxable gifts to pay within nine months of the individual’s death. Only the value of the estate greater than the above exemption is eligible for the federal estate tax. An automatic six-month extension will be automatically granted for this should you ask for it prior to the due date.

The federal and New York state governments also require a final individual state and a final individual federal income tax return to be filed by tax day of the year following the individual’s death. There is a federal estate/trust income tax return that needs to be taken care of as well. For this, make sure you file by April 15 of the year following the individual’s death.

The IRS insists that an estate has its own employer identification number (EIN) to represent itself in any tax-related matters.

How Estate Property Is Categorized by New York Inheritance Law

Property in New York is divided into two simple groups: personal property and real property. Included in real property are things like houses and land or, more broadly, real estate. On the other hand, personal property is just about everything else, such as cars, jewelry, furniture, cash, investments and family heirlooms. New York is NOT a community property state. This means that a spouse won’t automatically receive most or all of the decedent’s property following his or her death.

Dying With a Will in New York

For decedents who die with a will in New York, matters are more or less simple… not complicated, with most wills being executed exactly as the decedent specified they should be. Just how this situation will be handled, though, is completely dependent upon the value of the estate and other factors. In every case where there’s a will and real property in the estate, the testate will must be submitted to the court for probate.

The probate process in New York begins with a judge reviewing the will of the deceased, ensuring that it’s accurate and has all the information necessary for it to be considered valid. Be sure you signed your will in front of two witnesses, and that they sign as well. Following this, the executor listed on the will is formally named, and he or she begins distributing the property listed on the will to the intended beneficiaries. This person is also responsible for settling any liabilities that the estate may still have pending, according to New York inheritance laws.

When you file for probate, be sure to include a copy of the will, the death certificate, the probate petition and any other relevant documentation. Some counties may allow you to file online, though it’s recommended that you seek the assistance of a lawyer.
However, if there is a will, but the value of the decedent’s personal property is less than $30,000 and he or she either owned real property jointly or not at all, then you should file a small estate proceeding, according to New York inheritance laws.

Dying Without a Will in New York

An administration proceeding is the most common legal event that occurs in New York if you die without a valid will, but with real property to your name. But when you pass away if you do not have a will written, and if your estate consists of either jointly-owned or no real property, and your personal property is worth less than $30,000, you must file as a “small estate”, according to New York inheritance law.
If you die without a valid will, you’re titled as intestate by New York, and the state’s intestate succession laws govern the distribution of your property. This could mean a number of different relatives could end up in possession of your property. The only possible exception to this rule is if the decedent’s estate is solely made up of real property, in which case the land will simply go to the nearest heir without the process of administration taking place.

As opposed to a probate court appointing a pre-specified executor when there’s a will, proceedings without a will result in a judge choosing an executor or personal representative. This executor holds the same duty to handle the estate, only intestate law, not a will, dictates the way the estate is divvied up.

Inheritance Law and Spouses in New York State

New York utilizes a spousal right of election when deciding on inheritances for spouses. This law states that should a spouse pass away, his or her spouse will receive an “elective share” of $50,000 or one-third of the decedent’s estate. Should a spouse not receive this elective share, he or she has the right to file for it as long as it’s within a six-month window after an executor for the estate has been named, according to New York inheritance laws.

If you and your spouse have no biological or adopted children together, and you have no children outside this marriage, then your spouse will receive all of your property. But if there are biological or adopted children involved, things change a bit. Under New York intestate succession law, your spouse will receive up to the first $50,000 of your estate, plus half of the balance of your estate. Your children will receive the rest.

New York entitles surviving spouses of decedents who have disinherited them to a piece of their estate. This, however, is limited when it comes to non-probate assets, such as property held in joint tenancy or a jointly held brokerage account paid on death to beneficiaries, as they cannot be completely taken.

Inheritance Law and Children in New York

According to New York intestate succession law, biological children of the decedent are given full-fledged inheritance rights to their parent’s estate. This also applies to illegitimate, or non-marital, children of the deceased, provided that biological paternity can be scientifically proven, according to New York inheritance laws.

Adopted children, because they are considered, the same as biological children in New York, possess full intestate inheritance rights. However, these same rights do not automatically apply to foster children and stepchildren if the deceased never adopted them.
According to New York inheritance laws, if you die before the birth of a child you conceived prior to your death, that child will still hold typical biological children’s intestate rights to your estate.

Specific intestate inheritance rights for the eligible children listed above vary depending on who survives the decedent as well. New York will give all property to your children if you’re unmarried or your spouse predeceases you. But if a spouse survives you, your children will only receive the balance of your estate after your spouse has received $50,000 plus half of the leftover estate balance.

Grandchildren’s Inheritance Rights in New York

The only situation in which New York will afford your grandchildren any property rights via intestate succession is if your child (your grandchild’s parent) died before you. Otherwise, if your child is alive at the time of your death, he or she will be given inheritance rights, not your grandchild. Of course, you can avoid any complications by naming your grandchildren as heirs to specific property in your will, if you so desire.

Inheritance Law & Unmarried People Without Children in New York

The property in your estate will go to your parents if you die without a surviving spouse or surviving children. But if your parents predecease you, then your siblings will split your estate evenly, according to New York inheritance laws.

Should all of the heir possibilities above not survive you, your estate will go to either one or more of your surviving grandparents, split evenly between your paternal and maternal sides. But if none of your grandparents survive you, your estate falls into the control of your aunts and uncles, with it again being split evenly between your paternal and maternal sides. Should only one side end up having heirs that survive you, the entire estate will go to them in both situations.

As a last possibility, your nieces and nephews will receive your estate. This will again be divided between each side, half and half, with the entire estate going to one side if there are no surviving nieces and nephews on the other.

If New York courts review every possible heir option and there is no one alive or available to receive your property, the state will obtain ownership rights to your estate. This is due to New York’s abandoned property law.

Non-Probate New York Inheritances

A non-probate asset in New York is property that has its ownership transferred not via intestate succession laws or even a valid will, but instead through beneficiary designation. The state includes in this group joint bank accounts, life insurance policies, retirement accounts and benefits, “in trust for” bank accounts, real property held by joint tenants and property held in a trust.

All of these accounts and pieces of property require you to name rights of survivorship or a beneficiary, so there’s no chance that the property will go to anyone other than the named individual or group, as long as the person is still alive. However, you can name your estate as a beneficiary, which would subject its inheritance to either your will or intestate succession.

Other Situations in New York Inheritance Law

Deathbed marriages are a growing trend in the U.S. They involve a caretaker or another opportunistic person marrying a decedent just before he or she dies solely for the purpose of gaining spousal rights to the inheritance.

New York offers family members the ability to annul the marriage if they can prove to the courts that the individual marrying their relative is doing so particularly for the purpose of fraudulent financial gain. Unlike some other similar laws, New York allows these proceedings to be completed even following the death of a decedent.
Resources
Click Here for a New York Inheritance Advance or Probate Advance Representative