There are a few ways that a person can have a say in their affairs after their death. In many cases, wishes that a person has expressed might be modified or even ignored. However, having a will that makes a person's wishes clear can go a long way toward ensuring that those desires are carried out. Having a confusing or ambiguous will can make the probate process confusing and potentially divisive for surviving Read More
Not keeping tabs on beneficiary arrangements can cause heartache
On our Queens probate and estate administration blog, we talk frequently about the necessity of getting one's affairs in order. Making sure that our estate is in order by taking the necessary steps can ease the estate administration process after we're gone. One thing in particular that people need to pay attention to is the beneficiary arrangements on accounts such as individual retirement accounts, such as Read More
Fight over Mickey Rooney’s estate likely only just beginning
We often write on our blog about issues that celebrities run into when their wills are made public after their death. Due to their large estates, thanks to a lifetime of movie star salaries, there can be bitter fights among heirs. The estate of screen legend Mickey Rooney, who died recently at age 93, is experiencing some of these issues -- although his estate wasn't nearly as large as some people might have expected Read More
Put careful thought into whom you will name as your executor
Few people actually look forward to estate planning. Putting yourself in the frame of mind to do it means that you have to think about what the world will be like after you're no longer in it, which is not something that everyone wants to do. However, ultimately it's something that needs to be done. It's a way of having a say in your affairs after you're gone, which is certainly preferable to leaving no instructions Read More
L’Wren Scott used a will to distribute assets to Mick Jagger
In the wake of the tragic death of fashion designer L'Wren Scott, news has emerged about her end-of-life wishes. Scott reportedly signed a will in May 2013, and the details of that document were recently made public. The entirety of Scott's estate, which has an estimated value of $9 million, will go to her long-time partner Mick Jagger. The largest asset in the estate is reportedly Scott's $8 million apartment in Read More
Celebrities offer do’s and don’ts of estate planning
Many of the estate planning stories we end up reading about are regarding celebrities. In many cases, this is because celebrities have large estates by virtue of successful careers in the entertainment industry. Wealthy celebrities might also have a large circle of friends and associates -- many of whom might be expecting a piece of the estate for themselves. Some celebrities handle this better than others. Some Read More
Trustee allegedly steals $18,000 from sale of house in estate
One of the most important considerations that a person going through the estate planning process can make is the naming of a trustee of their estate. There are several options available to New Yorkers who are working on this process. It may be that someone is most comfortable having a family member named as the trustee; others prefer someone outside the family entirely to perform trust administration duties. Read More
Estate planning in New York affects the future of one’s assets
With spring around the corner, people usually are thinking of warm weather and growing plants -- things that remind them of the renewal of life. Death is the last thing people typically want to ponder at this time of year, or really any time of the year in New York. However, failure to engage in estate planning means that a person will not be able to dictate how his or her assets are passed down in the future Read More
Estate planning protects one’s valuable assets in New York
People typically are focused in their efforts to obtain more money or more possessions in order to have a good quality of life in New York. However, they often neglect to think beyond their own lives and pay little attention to what will happen to these valuable assets once they die. This is particularly true for young people, who naturally feel invincible and don't think they'll have to worry about death for several Read More
New York estate planning involves developing a will or trust
People typically don't like to hear the words "too late," as this usually signifies that he or she has missed something desirable. Although putting together a will is hardly regarded as something desirable to most families, who prefer to think about less-morbid topics, the results are highly sought-after when a New York resident ends up dying unexpectedly. Understanding laws related to estate planning may help a Read More
