Question 1: What role does the executor play in the probate process? A person who writes a Will—called a testator—usually names an executor in the document. Once the testator dies, the executor is responsible for probating the will, meaning he or she must take it before a New York Surrogate's Court so the court can determine if the Will is valid. The executor is responsible for taking the Will to the Surrogate's Court in the New York county where the testator lived at the time of death. Once … [Read more...] about 3 Questions About New York Probate: The Executor
Estate Planning
Estate Planning Terms: The Pour Over Will
There are certain types of wills, or aspects of wills, that are not suited for every purpose. A “pour over” will is just such a document. These wills are only necessary for people who have a living trust already established. If you don't have a living trust, or want more information about them and why they may be of benefit to you, talk to your estate planning attorney. Function: The idea of a pour over will is to transfer all of your property into a trust that was created while you were … [Read more...] about Estate Planning Terms: The Pour Over Will
Estate Planning Terms: Ascendants
If you die without leaving behind a valid will, your family typically inherits your property. Which family member receives property, and how much they receive, depends upon your state's laws, but typically only your closest family members inherit. This includes your spouse and any children or grandchildren you have. However, if you don't have a spouse or children, your other relatives may inherit your property as well. These relatives are known as your “ascendants,” and are categorized into two … [Read more...] about Estate Planning Terms: Ascendants
Types of Testamentary Gifts: 4 Categories
When you create a will and gift property to your beneficiaries, the gifts you make typically fall into one of four general categories. These categories can impact how that property is treated during the probate process, so talk to your attorney for detailed advice about testamentary gift types and how they can affect your estate. Category 1: Specific gifts. Specific gifts are exactly what they sound like, a specified property bequeathed to a specified person. For example, you may state that … [Read more...] about Types of Testamentary Gifts: 4 Categories
Estate Planning Goals Checklist
If you're new to the idea of estate planning and aren't sure where to begin, there are a number of ways you can go about the planning process. One of the easiest ways is to develop a list of goals you have for your estate plan and then check those goals off as you make progress. Of course, there is no single checklist that applies to everyone, and you should always talk to your attorney to develop a plan that best suits you, but here's a simple checklist of estate planning goals you can use to … [Read more...] about Estate Planning Goals Checklist
Credit Card Debt And Your Estate: What Happens?
Scenario 1: You and your spouse have joint card debt. If you have a joint credit card and either account holder dies, it's up to the other account holder to pay back the debt. This is true even if you signed as a co-signer and you never used the card. You'll be responsible for the entire amount even if the deceased spouse was the one who racked up all the charges. Scenario 2: You have individual card debt. If you have an individual credit card, this debt must still be repaid but it won't … [Read more...] about Credit Card Debt And Your Estate: What Happens?
Choosing a Guardian For Your Children in New York – 3 Issues
Issue 1: Making a Will. If you have an estate plan that is largely based on one or more trusts, you still need to make a Will so you can select your choice for your child's guardian. While you can still use trusts and name the child as beneficiary, the guardian nomination must be specifically stated in your Will. If you don't yet have a Will, you need to get started right away. Issue 2: A guardian has to be qualified. A legal guardian in New York must be at least 18 years old and must either be … [Read more...] about Choosing a Guardian For Your Children in New York – 3 Issues
A Digital Legacy – Online Asset Estate Planning And You
It typically takes some time for the law to catch up to changes in technology and society. For many of us, we have online profiles, accounts, or bill payments that play a major part of our life. But how do we take care of these assets if we are incapacitated or transfer them after we die? It's a question that we need to address carefully when developing an estate plan. Part 1: Reviewing Your Online Existence. What do you have online? Is it a Facebook account or a Twitter account that you don't … [Read more...] about A Digital Legacy – Online Asset Estate Planning And You
Why Creating Your Own Will Can Go Horribly Wrong
A quick internet search will reveal any number of online will preparation aids that claim they can help you make your own will cheaper and faster than you could if you hired an attorney. They are correct. Making your own will using a software kit or do-it-yourself guide will be much cheaper and faster than it would be if you go through the process of hiring a lawyer to help you do it. But faster and cheaper doesn't mean better. Here's why. Reason 1: The software is out of date. The law … [Read more...] about Why Creating Your Own Will Can Go Horribly Wrong
3 Estate Planning Myths That Can Hurt You
Myth 1: Only rich people need, or can afford, an estate plan. This myth comes from the idea that only people with lavish homes, lots of money in the bank, and long lists of personal property can afford to hire an attorney to design an estate plan. People with fewer possessions don't need to worry because there isn't much to distribute anyway, right? Wrong. Everyone can benefit from a good estate plan. Even if you only want to make sure your medical choices are followed, or that you want your … [Read more...] about 3 Estate Planning Myths That Can Hurt You
