Fiduciary duty is the legal obligation to act in the interest of another. A person who has a fiduciary duty is called a fiduciary, and hired as a trustee by an individual or a company. The law prohibits the trustee from acting in any way detrimental to the interests of the client, who is entitled to the best efforts of the trustee, while the trustee must exercise all due care and diligence when acting on behalf of 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
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
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
Family fights over inheritances
Baby boomers are estimated to receive a median amount of $64,000 from their parents as they pass away. With so much wealth being passed on from parents to adult children, fights over who should get what from their parents are becoming more common in New York and around the country. While many of these battles are continuations of sibling rivalries that have lasted for years, some of the conflict stems from the fact Read More
