People in Rochester, New York who create estate plans often choose to use revocable living trusts as a cornerstone of their plan. While these trusts are excellent tools that nearly everyone can benefit from, they do have some downsides, or, at the very least, lack specific benefits. Let’s take a look at living trusts and how they are not suitable for all of your estate planning needs. Asset Protection Living trusts are excellent at ensuring privacy, eliminating probate requirements, and … [Read more...] about The Downsides of a Living Trust
Wills & Trusts
Gandolfini’s Will Details Revealed
James Gandolfini, the actor renowned for his role as Tony Soprano in the HBO television program “The Sopranos,” died at the age of 51 in June after suffering a heart attack in Italy. He left behind an estate estimated to be worth about $70 million, as well as a last will and testament that was recently submitted to a Manhattan Surrogate’s Court. The details of the will show that while Mr. Gandolfini did take some appropriate estate planning steps, he didn’t do as much as he should have. In … [Read more...] about Gandolfini’s Will Details Revealed
Having a Child After You Make Your Will
Estate plans are not static creations that, once you make, you can leave and not look at afterwards. Like your car, your plan requires regular maintenance. In some situations you may need to revisit your plan as soon as possible. One of these situations is when you have made a last will and testament and, afterwards, have a child. Revisions When you make a will you make choices about your property and how you want to distribute it after death. Most people choose to leave their children … [Read more...] about Having a Child After You Make Your Will
Your Living Trust and Your Incapacity
When you create a revocable living trust, you create an entity that can legally own property. After transferring some or all of your property to the trust, you can direct the trust to transfer the property to new owners after you die without the necessity of having to go through probate. But living trusts also offer you the opportunity to appoint someone to manage the property should you become incapacitated. Here’s how it works. Trustees When you create a revocable living trust you … [Read more...] about Your Living Trust and Your Incapacity
What Should I Transfer to my Living Trust?
Revocable living trusts serve as an important piece of many estate plans because they allow you so much flexibility in determining how you wish to transfer your assets after death. But what assets are we talking about? What should you transfer to your living trust? While your estate planning lawyer will give you specific steps you need to take and will advise you about the types of property you should transfer, here are some general categories that apply in most situations. Personal … [Read more...] about What Should I Transfer to my Living Trust?
Widow Can’t Access Deceased Husband’s Savings Account
A story out of Jacksonville, Florida highlights some of the problems that can occur if you don’t take the time to adequately address estate planning issues. Julia Bolena, a widow who would have been married to her husband for 53 years, recently tried to access her deceased husband’s Wells Fargo savings account. Even though she and her husband had been married for half a century and she was listed as a joint account holder on her deceased husband’s checking account, the bank prevented her from … [Read more...] about Widow Can’t Access Deceased Husband’s Savings Account
Using a Self-Proving Will: 3 Questions
Question 1: What is a self-proving will? All wills in New York have to be made in writing, signed by the person making it, and signed by two adult witnesses. When the person who made the will dies, a New York Surrogates Court will have to determine if the will meets all legal requirements. At that point, the witnesses will have to testify that they saw the testator sign the will. In anticipation of this process a testator (a person who makes a will) can have the witnesses sign an affidavit … [Read more...] about Using a Self-Proving Will: 3 Questions
The Best Way to Revoke a Will
When you create a last will and testament in New York, it’s important to understand that you retain the ability to alter or revoke the document whenever you like. As long as you maintain your mental faculties you can revoke your will for any reason or for no reason at all. However, revoking a will, like creating one, is something you should do carefully. If a probate court is ever asked to determine if your revocation was legal or intentional, you will want to make sure that there is clear … [Read more...] about The Best Way to Revoke a Will
Your Living Trust Needs a Will
The primary benefit of creating a revocable living trust is the ability to choose how you want to distribute your property after you die and avoid the necessity of that property first having to go through probate. In this regard, revocable living trusts are superior to last wills and testaments because wills do not allow you to avoid probate. When people understand how living trusts work and realize that they can pass property without having to create a will, they sometimes believe that this … [Read more...] about Your Living Trust Needs a Will
What You Need to Know About Witnessing a Will
Anyone who creates a last will and testament needs to have the will witnessed by two adults. While the witnessing requirements are often viewed as very simple, there are some details you should be aware of. In the Testator’s Presence When you agree to act as witness to a will you must sign the document in the presence of the testator. (The testator is the person who created the will.) It’s very common, for example, for everyone to assemble at the same time and sign the document … [Read more...] about What You Need to Know About Witnessing a Will
