Most of us write down our wills and think our job is done. We think that with some basic estate planning we’ve ensured that our possessions will be passed down safely after our demise. But sadly, it’s not always that simple. Statistics show that every year about 0.5 to 3 percent of wills are contested in the US. So even if your will is properly signed and witnessed, there is still a chance for it to be Read More
What Happens To Your Estate If You Die Without a Will
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
Your Will & Pension: What You Should Know
The will you make should ideally include details for how you would want all your assets to be settled and distributed amongst all your beneficiaries. People will add the different properties they own, the liquid money and valuables they have, and the money they expect to get to be distributed. Most people would expect that money owed to you from your workplace would also end up in the same assets pile, but that’s 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
Understanding the Role and Responsibilities of an Executor of Estate in New York
As you prepare your will that details your intentions, it is essential to take time to consider who will be your executor of an estate in New York. The duties of an executor require taking care of many fiduciary tasks and functions to fully satisfy your intentions. An executor can be any person of legal age able to carry out the required duties. You do not have to name a relative as your executor. You could name a Read More
