By drafting a written will, you can appoint an individual to carry out the provisions of your will. The individual that you appoint is an “executor” (or “executrix” if this person is a female) who is responsible for carrying out your written testamentary intent. Executors are responsible for making sure that your estate pays your creditors before they carry out your testamentary wishes. Executors are responsible for making sure they carry out the provisions of a decedent’s will. Before a court … [Read more...] about New York’s Laws on Executors: Part 1 of 3
Wills & Trusts
Post-Divorce Estate Planning: Part 3 of 3
Previously, we discussed the New York legislature's enactment of default post-divorce probate statutes. These rules help divorced residents who failed to revise their wills after divorcing their former spouses. If you bequeathed your property to your former spouse while you were married and before your divorce, New York law treats your former spouse as having predeceased you. In this case, the specific bequests to your spouse would fail by operation of law, and your next-of-kin or surviving heir … [Read more...] about Post-Divorce Estate Planning: Part 3 of 3
Post-Divorce Estate Planning: Part 2 of 3
Although New York law may revoke any prior bequests to your former spouse in an unchanged will, problems could arise if you failed to amend your other estate planning documents, including your trusts after you divorce your former spouse. You can call our office and schedule a consultation to help you understand your estate planning options after divorce. The New York legislature amended the probate laws dealing with revocable dispositions or testamentary substitutes. According to the new law, … [Read more...] about Post-Divorce Estate Planning: Part 2 of 3
Special Needs Planning: Part III of III
Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law. Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...] about Special Needs Planning: Part III of III
Special Needs Planning: Part II of III
Why would you want to draft a special needs trust for your disabled child? By creating a special needs trust or supplemental needs trust, you may be able to ensure that your dependent child or family member is able to avoid becoming inadvertently disqualified from receiving financial support from the state and federal governments. In other words, by creating a special needs trust, you can help your special needs child or family member continue receiving monetary and medical government benefits … [Read more...] about Special Needs Planning: Part II of III
Special Needs Planning: Part I of III
Special needs planning is often a part of a parent or other family member’s estate planning considerations. To ensure that you make adequate financial arrangements through proper estate planning to protect your loved ones with special needs, you may need to draft special estate planning documents. Because of the legal nuances involved in estate planning, setting up a time to discuss your estate plans with our office may be a wise investment. Setting up a special needs trust may be necessary … [Read more...] about Special Needs Planning: Part I of III
What is a Revocable Living Trust?
A revocable living trust is a legal document that allows you to avoid probate if properly drafted. Known legally as a “revocable inter vivos trust,” a living trust allows you to retain full control of your property while you are alive. After your death, the assets within your trust pass to your beneficiaries through your appointed trustee. To be legally effective, a legal trust must have trust property or assets at the time of creation. In other words, you will need to place some assets within … [Read more...] about What is a Revocable Living Trust?
Avoid Predatory Living Trust Scams
Information from the National Consumer Law Center underlines the importance of avoiding predatory living trust scammers. Unfortunately, businesses purporting living trust document preparation services often target senior citizens. They may overinflate the importance of living trusts, overemphasize the time and expenses associated with probate and offer senior citizens with limited resources a way to dispose of their assets through coercive sales tactics. Before you pay money to a company that … [Read more...] about Avoid Predatory Living Trust Scams
New York’s Simple Probate Procedures
In many states, including New York, residents can avoid lengthy probate procedures by executing small estate documents. In New York, the Surrogate Courts allow beneficiaries of small estates to file small estate forms for estates of limited value. The New York small estate affidavit procedures allow a decedent’s family members or spouse to file a Small Estate Affidavit or Affidavit of Voluntary Administration. With some legal guidance and estate planning, you may be able to take advantage of … [Read more...] about New York’s Simple Probate Procedures
Include No Contest Clauses in Your Will and Trust
Each will or trust needs a no contest clause to stifle potential litigation. If a natural heir or beneficiary is angered or hurt by your family situation or asset distribution, he may file a will or trust contest. You can lessen the chances of a contest, by implementing these tips. If a contest is made, the no contest clause provides that the contesting beneficiary receives nothing. This is great incentive to leave your estate plan alone. Always include a contest clause in your will or … [Read more...] about Include No Contest Clauses in Your Will and Trust
