Probate courts in New York determine the distribution of assets belonging to people who died without a will, and they are guided by the state law of intestacy. The court will apply by default the basic inheritance rules established by the state. When people prepare an estate plan, avoiding probate is often one of the goals because of the cost, lack of privacy and length of time that the process often entails. In Read More
Non-probate transfer methods in addition to wills
As some New York residents may already know, having a will helps to protect one's family and assures that beneficiaries the decedent chooses receive assets. There are other ways, often used in conjunction with a will, to allocate some assets after death. Learning about specific transfer methods will enable grantors to distribute assets as they see fit without the need for probate. Transfer on death is one way of Read More
Placing limits on beneficiary spending
When New York residents are going through the estate planning process, they often decide to leave money to designated beneficiaries. However, those who are leaving money to future generations may wish to control how that money is spent. For instance, a parent may not want an inheritance used to support a political candidate or cause that he or she disagrees with. Perhaps the best way to restrict how an inheritance Read More
The importance of a legal signature on a will
Because every state has its own requirements related to the validity of a will, newcomers to New York should pay careful attention to these details. Neglecting to properly execute a will could result in probate complications as well as challenges from heirs. A recent case in Tennessee, for example, resulted in the wishes of the testator being successfully challenged by his son. Although the man obtained witnesses and Read More
Trusts useful for some estates but not all
Trusts are important components of many New York residents' estate plans, especially for those people who own many high-value assets. These estate planning tools can help beneficiaries to avoid taxes and probate fees while performing other functions like protecting financially irresponsible heirs from receiving a sudden windfall. Although trusts can be very useful in a variety of circumstances, they are not always Read More
When disclaiming an inheritance may be smart
To many New York residents, the thought of disclaiming their right to a multimillion-dollar inheritance may seem odd. There are certain situations, however, in which doing just that can be a smart idea. Many people who disclaim their inheritance of an IRA from their parent will do so in order to remove its value from their estate, allowing them to to remain within the federal estate exemption amount. The Read More
Probate fees raised to cover probate court budget
Retired New York residents who are considering a move to Connecticut may want to think twice. On July 1, probate fees in Connecticut were doubled for estates worth at least $2 million. With probate fees at .05 percent of an estate, Connecticut is now the most expensive state to inherit money in. Prior to the probate fee hike, Connecticut had a fee cap that was set at $12,500 for one estate. The cap has now been Read More
Bobbi Kristina’s death sparks estate planning discussion
New York residents have probably heard about the early death of Whitney Houston's daughter Bobbi Kristina Brown. Now, estate planning experts are speculating about whether Whitney Houston could have done something to protect Bobbi Kristina by structuring her will in a different way. Bobbi Kristina was 18 years old when her mother died at the age of 48, and she was the main benefactor of her mother's $20 million Read More
Choosing an executor for a will
Everyone in New York who creates an estate plan must make an important decision about who to name as executor under their will. The executor of a will is responsible for making sure that all of the instructions in the document are followed exactly and assets are correctly distributed to beneficiaries. While serving as executor, a person may have to commit to long hours of sorting through voluminous paperwork and Read More
Handling parental estates in New York
Although no one wants to think about their parents dying, there is a chance that a child will be named executor of a parent's will. Those who are named the executor will need to take specific steps to ensure that the estate can be settled properly. For instance, it may be a good idea to order as many as 15 copies of a death certificate and determine quickly whether or not the will needs to go through probate. Read More
