Estate planning issues that could result in legal battles

New York residents may have spent time thinking about creating an estate plan. When doing so, there are certain issues to consider that may make a plan easier to execute. For instance, it is important who is named the executor of the estate. This person should be fair and objective about carrying out the wishes of the deceased individual. However, this could be a moot point if there is no valid will in place Read More

Spouses’ inheritance rights in New York

New York residents who have survived their spouses often have questions about their rights to inherit part of their spouses' estates. Although New York is a common law state, a surviving spouse still has rights that entitle them to part of their deceased spouse's estate. Because of the rules of property ownership in New York, the spouse of a deceased person is not necessarily entitled to half of that person's Read More

Fight over Robin Williams estate offers valuable lessons

When comedian and actor Robin Williams passed away, it seemed like his affairs were in order. He had prepared a will and specific trust agreements. He also had a prenuptial agreement in place. By most measures, it seemed as if he had done everything necessary to ensure that his estate would be distributed without conflicts or legal disputes. Despite his planning, though, his heirs still find themselves at odds with Read More

Trust administration in New York

When you are preparing your estate plan, you may want to consider utilizing trusts to help you meet a variety of different types of financial and family goals. If you plan and set up trusts appropriately, you can use them to directly pass your assets to your heirs while bypassing the expense and litigation that can be involved with the probate process. If your estate is fairly large, you may want to establish a Read More

Court of jurisdiction for trust administration in New York

The court that will have jurisdiction over trust matters does not depend on where the testator of a will creating the trust was domiciled. Similarly, a lifetime trust does not depend on the domicile of the grantor if the contained real property and assets exist in New York. When a trustee administers an estate, he or she will be responsible for paying the taxes, investing the assets wisely and distributing Read More

Wills and the probate process

Individuals in New York who are estate planning and preparing a will may wonder what is involved in the probate process. Every will must go through probate before assets are distributed to heirs. Probate is a process that is intended to ensure that individuals involved in the estate are protected and that the wishes of the individual who prepared the will are carried out. An executor appointed by the deceased Read More

Will of widow of DC Comics publisher contested by her son

A New York lawyer and a business manager have been accused of improperly influencing an elderly woman in an attempt to misappropriate a larger portion of her will. As the woman in question was the widow of the famous comic book publisher Jack Liebowitz, the proceedings have been of some public interest. The woman passed away on April 24, 2013. The woman's son has filed a suit in New York County Surrogate's Court Read More

Estate planning errors to avoid

Individuals in New York who are estate planning should keep in mind that there are a number of common errors that people make with their wills, trusts and other documents and accounts. One of these errors is making an estate plan and failing to return to it for revisions. Such changes as children, marriages, deaths and divorces may result in a needed update, so estate plans should be periodically reviewed. Read More

Estate planning tips for New York newlyweds

When two people get married, some estate planning actions should be taken as soon as possible. For instance, it may be worthwhile to put sizable assets into a trust and to ensure that the assets in the trust are properly titled. If the assets are not properly titled, they may have to go through the probate process. An easy action that newlyweds can take is to change the beneficiaries on 401Ks and other accounts Read More

Circumstances necessitating changes to a will or estate plan

New York residents who have prepared a will may know that a divorce, a remarriage or the death of a spouse will likely necessitate an evaluation of that document. In some circumstances, a will cannot be simply changed but must be completely revoked in order to be considered valid by a probate court. A divorce is a circumstance that necessitates a complete revocation of a person's will. In fact, a will's Read More