A New York resident might seek information about a parent's estate plan through legal avenues, but this could be extremely unproductive. A parent cannot be sued for simply creating an estate plan. In addition to increasing family tensions by suing a parent or their representative, this could provide information to others in the family about intentions with regard to legal battles after that parent expires. A parent Read More
Tips for beneficiaries of a house
New York residents who have inherited a house that is far away from where they are currently living may be wondering what to do with the property. Whether the beneficiary decides to sell, rent or live in the house, there are several things to consider beforehand in order to avoid making mistakes and benefit from the inheritance. At the outset, the executor will have to start the probate process. This must be done Read More
Executors and getting help from appraisers
When New Yorkers are appointed as executors for their parents' estates, they may need to get the help of property appraisers. These professionals will determine the worth of different assets, some of which people may initially believe are not worth much but which turn out to have value. Serving as an executor and trying to determine the value of various assets may be daunting. Appraisers may help their clients Read More
Advantages of an independent fiduciary
New York residents who are preparing their wills should choose an executor carefully. While a person might be tempted to avoid naming an executor, this could leave loved ones with a great deal of conflict. For example, in one case, a woman who did not get along with her sister was told by her mother that she was not naming an executor and that she and her sister could work out the details. The woman became Read More
Estate planning and the designation of an executor
When a person dies, someone must be appointed by a court to assume fiduciary responsibility for the assets, money and property of the decedent unless a valid will naming an executor exists. New York residents who have been named as an executor have a variety of duties to perform once the probate court has approved their appointment. Wills play an important part in estate planning by allowing people to direct how Read More
Abusive guardianships of the elderly
When New York residents become incapacitated and unable to make decisions for themselves, the probate court may place them under guardianship. While a guardianship is beneficial for some people, others are handled abusively, leaving families trying to figure out what to do about it. An example of an abusive guardianship was the one involving Brooke Astor, the philanthropist. Her grandson learned that she was not Read More
New tax laws might impact New York estates
Those who plan on willing property to their loved ones or executing existing estates may be interested to know that in March 2016, the IRS issued proposed regulations that are designed to match the value of properties received by beneficiaries and other recipients with the value of such properties as computed for estate taxes. The laws may also change the way due dates, beneficiary discovery, joint tenant Read More
Appointing an attorney-in-fact
New York residents may want to consider who they will appoint under a power of attorney as part of their estate plan. This is the person who among other duties will deal with their finances if they are unable to do so as a result of becoming incapacitated. In some families, choosing such a person may lead to conflict. One woman was concerned after her 66-year-old father had a stroke and appointed his girlfriend as Read More
Remedies for executor malfeasance
People in New York who are beneficiaries under a will may be put in a difficult position if the executor does not perform the required duties duties promptly or effectively. Beneficiaries have the right to make executors take care of their obligations. An estate can be damaged and lose value due to an executor's actions. In many cases the most valuable asset of an estate is the testator's principal residence. If Read More
Important steps for avoiding probate
The thought of having an estate go through probate could be worrisome for some New York residents, especially if there is a significant possibility of some potential heirs disputing the distribution of assets as outlined in a will. Avoiding probate can save both time and money, and some of the potential stresses and contentions might be minimized as well. Further, avoiding probate can protect the privacy of those Read More