The process of administering an estate

New York residents who are preparing their wills or who have learned that they have been named executors under an existing one may wonder what is involved in being an executor and what responsibilities the position has. The duty of an executor is to gather assets, pay off debts and distribute assets to the beneficiaries. The executor's duties can be broken up into a number of smaller steps. The executor must first Read More

Advantages of a revocable living trust

Individuals in New York who are planning for the distribution of their property after they die may have heard of a revocable trust but be unfamiliar with what is involved in such a document. Another name for a revocable trust is a living trust, and as its name implies, it is created and takes effect while the grantor is still alive. The terms of an irrevocable living trust cannot be changed while those of a revocable Read More

Executors, beneficiaries and writing a will

Adults in New York who do not have an estate plan may want to consider making one. Most people include a will in an estate plan. A will is a document that indicates how an individual wants their assets distributed after their death, and it must be signed by two witnesses. Without a will, the state will decide what happens to the assets. The people or parties who receive the assets are beneficiaries. Beneficiaries Read More

Digital estate planning in New York

In an age where digital accounts are becoming commonplace, it is important to account for them in an estate plan. For instance, if an individual has a PayPal account or Facebook profile, those accounts will continue to exist after that individual passes on. Although these accounts may be part of an estate, they can be difficult to track down after the account holder dies. One digital service called Acorns allows Read More

Even a solid will like Robin William’s can be contested

While a will can help a family in New York avoid a legal battle after a loved one passes away, this legal document cannot always prevent against a problem. When world-famous actor Robin Williams died, his will and trust dictated that his estate go to his widow and his three children from different marriages. Susan Schneider, William's widow, lived with him at a home in Paradise Cay, and William's trust allows Read More

Coach distributes money to players using revocable trust

New York basketball fans may have heard about a former University of North Carolina basketball coach who left $200 to each of the approximately 180 players he coached during his career. The coach used a revocable trust to distribute the funds. The distribution came to public attention because a number of the players mentioned the North Carolina coach's payouts on social media, but normally, a revocable living Read More

New York estate administration

If your loved one died without leaving a will, his or her estate will have to go through a process called estate administration. Estate administration is the vehicle by which your loved one's financial and legal matters will be settled and his or her assets passed to his or her heirs. Without a valid will, your loved one's assets will be passed according to New York's intestacy laws rather than as your loved one Read More

How a life insurance policy might end up in probate

As New York residents may know, having a life insurance policy as part of the owner's estate may have an effect on both taxes and probate. The manner in which the owner sets up the policy might have unintentional consequences when the time comes for the proceeds to be disbursed. While a married individual may assume that the proceeds from an insurance policy goes to the spouse, it is still a good idea to not only Read More

The probate process in New York

After an individual passes on, his or her estate must go through the probate process. While some believe that going through probate is a long and stressful process, it tends to be quick and relatively easy. During this process, assets inside of an estate are inventoried and accounted for. Although it is possible to place assets outside of an estate to avoid probate, there is often little or no reason to do so. Read More

Understanding the responsibilities of administrating an estate

Agreeing to be the administrator for the estate of a loved one in New York may seem simple, but there are numerous responsibilities involved. An administrator's job typically begins upon the death of the individual to whom the estate belonged, meaning that this could be an emotional process. Additionally, there are many steps involved in handling the remaining assets of that individual. If a will exists, the Read More