When an individual passes away without having a valid will in place, they’re deemed by the law to have died interstate—which means that the administration and distribution of their estate will be done in accordance with the legislation. On the other hand, when you have a will, you can dictate the distribution of your estate and appoint an executor of choice who ensures your wishes are carried out. Who Administers 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
Why You Need a Probate Lawyer to Figure Out Your Estates NOW
Okay, maybe we went a little overboard with the NOW, but you do need a probate lawyer—sooner better than later. One day you will need your estates, assets, and other particulars to be sorted out. Imagine not taking the right step at the right time for your posthumous affairs and all potential candidates end up fighting among themselves. But this isn’t Game of Thrones—and you have probate lawyers who can help you Read More
Common Probate Issues
According to Forbes, the COVID-19 crisis has forced US citizens to consider estate planning more seriously. As the crisis's volatility continues to impact our everyday lives, wealth transfer has become more common. Before you get down to business and start writing your will, here are a few problems that you might face in New York: Will Contests A will contest is a legal effort made to invalidate a will. Anyone can 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 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
What Does Administering a Trust Involve?
Part of estate planning requires you to decide if you want a will, a trust, or both. Some people choose to have a will for specific items and a trust for others. There are benefits of having a trust in place beside or in addition to a will. To help you learn more about administering a trust and what is involved in a trust administration, it is important to know the basics about trusts. What Is a Trust? A trust is a Read More
