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
Wills & Trusts
3 Questions About Codicils
Question 1: What is a codicil? A codicil is an amendment to a will. It's a document you make after you've executed a will that changes, adds to, subtracts from, or otherwise modifies the terms of that will. You can, for example, use a codicil to modify the will you wrote before you got married or before you had a new child. Question 2: Do you have to register a codicil? No. Just like your will, no state requires that you “register” or otherwise file your codicil with a state government … [Read more...] about 3 Questions About Codicils
4 Types of Will Revocation
Type 1: Revocation by Act. A revocation by act is when you take a specific action to revoke a previous will you've written. The most common way to do this is to write a new will that contains a clause that specifically revokes the old will. You may also physically destroy a will to revoke it, such as by burning it or ripping it up. Type 2: Partial Revocation. A partial revocation is usually carried out by creating either a new will or a codicil that states part of the old will is no longer … [Read more...] about 4 Types of Will Revocation
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
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
A Danger, and a Benefit, of Online Estate Planning
When it comes to estate planning, the Internet is both a wonderful resource and a significant hazard. There is a lot on the Internet, and not all of it is useful, helpful or even correct. While you should take the time to use the Internet to your advantage, you shouldn't solely rely on it, or use it as a substitute for the advice that only an experienced attorney can provide. Benefit: Education. The Internet is home to more information than any law library in the world. Your state's … [Read more...] about A Danger, and a Benefit, of Online Estate Planning
Why Don’t You Have An Estate Plan? 2 Key Personal Reasons
About half of the population has no kind of estate plan. This means they haven't created anything from a last will and testament, to a trust for their children, or an advance directive that sets out their health care wishes. Why not? There are numerous reasons, but for many people, the reason they haven't started any estate planning efforts comes down to very personal and often difficult to discuss reasons. Reason 1: You find it boring, or worse, hard to understand. Estate planning, at … [Read more...] about Why Don’t You Have An Estate Plan? 2 Key Personal Reasons
4 Estate Planning Mistakes To Avoid
Mistake 1: Never giving it any thought. A lot of people don't have any kind of estate plan because they assume that they either don't need one or that they don't have enough property for an estate plan to be cost effective. Even if this is true, your property isn't the only issue your estate plan covers. It also encompasses your medical care should you get sick or injured, something everyone may one day face. Mistake 2: Doing it yourself. While some self-help aids and DIY materials are … [Read more...] about 4 Estate Planning Mistakes To Avoid
New York’s Laws on Executors: Part 3 of 3
Why doesn’t an executor receive any compensation for jointly owned property? The answer is simple. An executor’s duties are to administer your estate pursuant to your written will or pursuant to New York’s intestacy laws. Your jointly owned assets do not pass under your will, and by operation of state law, they pass to surviving joint tenants or owners and are not subject to probate. The total commission an executor can receive depends on the value of your estate, reasonable expenses incurred … [Read more...] about New York’s Laws on Executors: Part 3 of 3
New York’s Laws on Executors: Part 2 of 3
Typically, executors are entitled to receive reasonable monetary compensation reimbursing them for their time and efforts. In New York, executors customarily receive a commission-based compensation, and their total commissions depend on the value of the assets they are charged with administering. Often, decedents will name trusted friends or family members to serve as executors of their estates. Executors can waive their compensation, but this typically only occurs with family members. The … [Read more...] about New York’s Laws on Executors: Part 2 of 3
