The business succession process is relatively complicated, and apart from handing off the business to a new owner, there are various other aspects to consider. You will have to look into all of the assets, liabilities that apply for the move, ensuring that all the wealth you’ve amassed stays in the loop. Any carelessness could cost you a lot in the long run. Here’s what you need to work on: Read More
A Complete Guide to the Probate Process
Sorting out assets and estates might be the last thing on your mind after you lose a loved one. However, this needs to be done systemically to ensure the proper distribution of assets amongst the beneficiaries. If you aren't familiar with the probate process and want to get your hands on a comprehensive guide to it. We are here to assist you. This blog offers a breakdown of what a probate process can look like Read More
Executor’s Commission: What It Is & How It Works
For many, taking up the role of an executor of state would be something honorable. The position is often assigned to a family member or friend of a deceased person who was close and trustworthy to the deceased person. That being the case, the role used to be entirely voluntary and was not something you got compensated for. After all, it was something you were doing for a loved one who had passed away. This, however, Read More
Debt and Probate: What You Need to Know
Most people have their legacies, properties, and assets on their minds when drafting their Testament and Last Will. But several other things must be considered and specified in an estate plan. For example, specifying what happens to your outstanding debts or those of a loved one after they pass away is crucial. If you owed a loan or debt in your lifetime, your family will be responsible for paying for it, depending Read More
When Is Probate Not Necessary In New York?
When you're planning your estate, your goal should be to spare your family and legal heirs the hassle as much as you can. The probate court proceedings could be very extensive, costly, and complicated. If you're based in New York, here's when you can avoid probate: Joint Ownership If you jointly owned property with your deceased spouse, the probate process won't apply if you had 'rights of survivorship.' In this Read More
An Overview of the Probate Process in New York
In New York, probate is necessary for assets solely owned by the deceased and haven’t been legally bequeathed to a designated beneficiary. This means that if the property owner passes away without a written will, the probate court will distribute the estate according to the state laws. However, if the property holder leaves behind a will that stands uncontested, the probate has a limited role to play. What Are Read More
An Estate Planning Checklist for Beginners
Preparing for the end of your life sounds challenging, but it’s something that you should do, notwithstanding. Having a well-thought-out will is not just essential for seniors but for the youth too. Life is uncertain. The best you can do for your children is to plan your estate carefully and intelligently. Let’s cover the basics of estate planning: Make a list of your belongings. To get started with your estate Read More
Questions for a Probate Attorney: How Does the New York Probate Process Work?
The New York probate process will vary, depending on whether the deceased had a will or trust or had no such documents expressing their last wishes. After someone dies, their assets, property, and other belongings, which are called their estate, have to be distributed to surviving loved ones, called heirs. In addition, any outstanding debts must be paid. There are also estate taxes that have to be paid. To Read More
For What Reasons Do I Need a Probate Attorney in New York?
In New York, when a loved one dies, their estate, including all bank accounts, investments, assets, and real estate must go through the New York probate process. This process will occur whether the loved one left a will or died without one. Sometimes the probate process is still needed if a trust was not properly created. The process can vary and be rather complex depending on several different factors, such as: • Read More
