Some estate planning terminology, such as the right of survivorship, can be something that the average person doesn’t have much experience with. Nevertheless, these types of terms have specific meaning in your plan, and you need to be comfortable with them. Let’s take a closer look at the right of survivorship and how it can affect your estate plan. Jointly Owned Property People sometimes own property jointly with others. This jointly owned property primarily comes in one of two different … [Read more...] about What is a Right of Survivorship?
Estate Planning
FDIC Advises Elderly to Protect Themselves From Scams
With the holiday season upon us, unfortunately there tend to be more people trying to scam, especially targeting seniors. In a recent consumer news report, the FDIC has advised seniors on various ways that con artists and scammers seek to take advantage of the elderly. Financial fraud is a growing concern amongst seniors, and as more and more people reach retirement age every day, con artists around the country are targeting seniors with any number of fraud schemes. Here are several tips you … [Read more...] about FDIC Advises Elderly to Protect Themselves From Scams
Testamentary Bequest in Rochester: 4 Types
A testamentary bequest is a gift you leave through your last will and testament. Most people use their wills to leave inheritances to their children, other family members, or to charities or causes they support. However, deciding what you want to give is a little more complicated than you might realize. There are four main types of testamentary bequests you can leave. Deciding on which type to leave is up to you, but you should talk to your estate planning lawyer about the effect each type … [Read more...] about Testamentary Bequest in Rochester: 4 Types
How To Revive a Will in New York: Commonly Asked Questions
Question 1. What is a will revival? When people create a last will and testament, they have to meet specific requirements as dictated by the law. As long as you meet these requirements, a court will accept your will as a valid expression of your last wishes. In some situations, people who make a will later decide to change the document. This is fairly common, and as long as your new will meets the same requirements as your old will, you can change your will whenever you like. When people … [Read more...] about How To Revive a Will in New York: Commonly Asked Questions
Estate Planning Mistakes in Finger Lakes NY: The 4 Biggest to Avoid
Much of what estate planning lawyers do is help people prevent future problems. Making choices about your future is the heart of estate planning, but you have to do so in a way that is clear, legally enforceable, and with as few errors as possible. If you make mistakes in your plan or use the wrong tool, the choices you make might lead to problems. Here are four of the biggest estate planning mistakes in Finger Lakes NY people commonly make. 4 Biggest Estate Planning Mistakes in Finger Lakes … [Read more...] about Estate Planning Mistakes in Finger Lakes NY: The 4 Biggest to Avoid
Trusts in Rochester NY: Should Your Estate Plan Include a Trust?
Even though you may have heard of trusts, you might not know a lot about these very important estate planning tools. When people first speak to an estate planning lawyer in New York, many of the questions they have involve trusts, what they do, and how they work. First, it’s important to realize that there are many kinds of trusts in Rochester NY. Depending on your situation and your needs, your estate plan might use one or more of them. So, how do you know if you need a trust? Your … [Read more...] about Trusts in Rochester NY: Should Your Estate Plan Include a Trust?
Wills and Trusts in Rochester NY: Why Pour-Over Wills and Living Trusts Go So Well Together
Even though no two estate plans are identical, most contemporary plans rely on key parts, such as pour-over wills and revocable living trusts. If you aren’t familiar with wills and trusts in Rochester NY, these two terms might not make a lot of sense to you. However, with just a little background information you will quickly understand why these two types of tools are so helpful. Here’s what you need to know about pour-over wills and revocable living trusts. Avoiding Probate Beginning in … [Read more...] about Wills and Trusts in Rochester NY: Why Pour-Over Wills and Living Trusts Go So Well Together
Why Executors Get Removed
When you sit down to write your last will and testament you will have to choose an executor, sometimes called a personal representative or an administrator, to manage your estate after you’re gone. As long as you choose someone who is capable and willing to serve, the New York Surrogate’s Court will usually accept your decision. In most situations, executors choose people who will perform their duties diligently, and there’s no reason for estate beneficiaries to ever challenge the executor’s … [Read more...] about Why Executors Get Removed
Estate Litigation in Rochester NY: Arbitration and Mediation
Because it often involves very personal and emotional issues, estate planning is one area of the law that can give rise to some serious family conflicts. Some of these conflicts escalate to the point where families take one another to court. Other conflicts stay out of the courtrooms, but are no less damaging because they irrevocably harm family relationships. As a method of solving such conflicts, families with estate planning disputes might consider using arbitration and mediation. What are … [Read more...] about Estate Litigation in Rochester NY: Arbitration and Mediation
Post-Divorce Estate Plans in Naples New York
Going through a divorce is tough for everyone. Even if your divorce is amicable, the process itself can be difficult, as can the realization that your life is going to be very different from now on. As part of this process, anyone getting a divorce in New York needs to take the time to address estate planning concerns. This is especially important if you have created an estate plan that assumes you are a married person. But even if you haven’t created an estate plan, using your divorce as a … [Read more...] about Post-Divorce Estate Plans in Naples New York
