Estate planning is a multifaceted process. In this post we will break down the anatomy of a typical estate plan. Wills & Revocable Living Trusts The facilitation of future asset transfers is at the core of estate planning. This can be done in a number of different ways. The optimal course of action will vary on a case-by-case basis depending on a number of different circumstances. Most people are aware of the fact that you can arrange for the distribution of your assets through the … [Read more...] about What Is Estate Planning?
Estate Planning
New York Intestacy (Part 1 of 2)
New York Intestacy (Part 1 of 2) from Michael Robinson The term “estate” refers to the property, debts, and other interests that a person leaves behind after death. An intestate estate refers to an estate that is left behind by a person who has not created a last will and testament. Learn more about New York intestacy in this presentation. … [Read more...] about New York Intestacy (Part 1 of 2)
New York Estate Planning Tip Sheet
For people in the Finger Lakes region and Rochester, New York, the process of creating an estate plan can seem daunting when first approached. Fortunately, your estate planning attorney will be there to help guide you through the process, and to answer all of your questions. While you go about creating your plan, there are several tips and ideas you can keep in mind that will help you keep the process in perspective. Here are several tips you might want to use. Tip 1. Everyone has an estate. A … [Read more...] about New York Estate Planning Tip Sheet
The Court and Your Estate Plan
Beginning the estate plan can be a daunting prospect, especially if you don’t have any experience with lawsuits, courts, or the legal process in general. A lot of people come to the estate planning process with a lot of misperceptions about exactly what is involved. Some people, for example, are afraid that, after making a plan, the court will not approve it, or that you might run into trouble and have to spend a lot of time in a courtroom. While such fears are understandable, they are … [Read more...] about The Court and Your Estate Plan
Refusing Inheritances Might be a Good Option
Even though the idea sounds strange to most people, there might come a day when you choose to refuse an inheritance. Whether you are receiving your inheritance from a grandparent, a parent, another relative, or someone who is not related to you at all, choosing to refuse the gift is sometimes a prudent decision. While determining whether accepting an inheritance is the right choice for you requires the advice and assistance of an experienced estate planning lawyer, here are several facts about … [Read more...] about Refusing Inheritances Might be a Good Option
Essential Legal Concepts to Learn Before You Start Estate Planning
The estate planning process can be intimidating, especially to someone who has never talked to a lawyer before. For a lot of people, talking to an estate planning attorney is the first experience they’ve had with the legal process. Because of this, a lot of people might not know many of the basic concepts that your attorney might take for granted. If you’re beginning the estate planning process, it’s a good idea to take a little time to familiarize yourself with some essential legal ideas. … [Read more...] about Essential Legal Concepts to Learn Before You Start Estate Planning
The Estate Plan You Already Have
Even though you may not realize it, you already have an estate, and you already have an estate plan. If you take no estate planning actions at all, never talk to an estate planning lawyer, or never create any type of document, you still leave behind property after you die that has to be transferred to new owners. You also leave behind choices that have to be made, problems that have to be dealt with, and many other issues that will probably fall to your family to take care of. In short, your … [Read more...] about The Estate Plan You Already Have
Basic Questions About Estate Planning
Choosing to create an estate plan is one of the best things you can do for yourself and your family, especially if you are a baby boomer approaching retirement age. Without an estate plan you leave many of your life’s most important decisions without clear answers or guidance. Once you are gone, your family will be forced to deal with these questions without your help, a situation that can often lead to family conflict. But knowing that you should create an estate plan and understanding … [Read more...] about Basic Questions About Estate Planning
Your Estate Plan Will Likely Include The Following Documents
While it’s true that no two estate plans are identical, it’s also true that almost every plan incorporates the same key documents. Whether you are creating a plan for the first time or updating an old plan, you can expect to include several important pieces. Each of these pieces will be tailored to fit your individual situation. Here is a handful of the most common estate planning documents you can expect to include in your plan. Your Will When most people think about estate planning they … [Read more...] about Your Estate Plan Will Likely Include The Following Documents
Preventing Estate Litigation Problems
If you are just beginning the estate planning process in New York, there are some simple steps you can take to help you create a plan that will help avoid many of the common events that lead to needless estate litigation. When we talk about estate litigation, we are talking about lawsuits or legal actions that arise because of the estate planning tools you created or the choices you made. Though it is not possible to create an estate plan that will guarantee that no litigation will erupt, it … [Read more...] about Preventing Estate Litigation Problems
