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
Contesting a will during probate
As many New Yorkers may know, leaving a will when an individual dies is one way to assure that certain beneficiaries will inherit what the testator wished. Generally, the document goes through probate successfully. However, there are times that wills are challenged. This occurs most often when an individual believes that it does not express the testator's wishes for a variety of reasons. Some reasons a will is Read More
Are holographic wills valid in New York?
In the state of New York, a holographic will may be considered valid only under certain circumstances. A holographic will is a will that is handwritten and not executed in accordance with state law. The holographic will is valid if created by a member of the armed services during actual military or naval service. It may also be valid if the testator accompanies an armed force during actual armed conflict. Read More
What is a living will and do I need one?
While most people in New York may have heard of living wills, it may not be clear exactly what they are and how they differ from other wills. While a person's regular will discusses how their assets are to be handled after their death, a living will, by contrast, deals with major health care decisions while the person is still living. Living wills are legal documents through which people can outline what care and Read More
