If you use a last will to express your final wishes regarding asset transfers, you name an executor or executrix. This is the person who will handle the estate administration tasks after you pass away. An executor is a male who holds this position, and an executrix is a female estate administrator. In some states, the estate administrator is called a personal representative. When you are choosing an executor, you should recognize the fact that it is not a purely ceremonial role. … [Read more...] about What Is an Executor?
When most people contemplate the creation of their Last Will and Testament they focus on decisions related to the gifts they will make within that Will. Consequently, appointing someone as the Executor of their estate is not something they spend much time contemplating. That tendency is also one of the most common of all estate planning mistakes. The Bath estate planning attorneys at the Law Office of Michael Robinson, P.C. offer five reason why appointing the right Executor in your Will is … [Read more...] about 5 Reasons to Appoint the Right Executor
The period of time following the death of a parent is typically filled with grief, loss, and other heightened emotions. It can be easy to forget that there are also practical and legal matters that need to be addressed, such as probating the decedent’s Last Will and Testament. If you have reason to question the validity of your parent’s Will, however, it is imperative that you act on your concerns in a timely manner or you could lose the right to contest the Will at all. Probate Basics Probate … [Read more...] about Can I Contest My Parent’s Will?
A contested will can result in a costly and complicated probate process. Your heirs could lose a good portion of their inheritance if your will is contested. The process of fighting over assets could also cause a breakdown in family relationships, leaving loved ones in a bad situation. You do not want your legacy to be a history of family fighting and lost assets, so you should strongly consider getting appropriate help from an experienced attorney to reduce or eliminate the chances that a will … [Read more...] about Why a Contested Will Can Cost Your Heirs
We recently learned of a story out of Florida that highlights the potential dangers involved with DIY estate planning documents. As with any legal process, you need the advice and guidance of an experienced estate planning lawyer anytime you want to create, or modify, any piece of an estate plan. While do-it-yourself products and educational guides might be sufficient to help you create a legally valid tool, that doesn't mean the tool you create will meet your desires, or be an effective estate … [Read more...] about Florida Woman’s DIY Will Proves Problematic
A lot of people in the Rochester, New York area visit an estate planning attorney because they want to make a last will and testament. A will, as these documents are most commonly referred to, is an essential estate planning tool. It’s also something that is relatively limited. Wills are not sufficient to address every estate planning need you have, but they do address some very specific issues. Here is what you need to know about what your will covers. Personal Property Under a Last Will and … [Read more...] about What Does Your Last Will and Testament Cover?
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
Today marks the 50th Anniversary of the assassination of President John F. Kennedy. Do you remember what you were doing when you heard the news that our President had been shot? … [Read more...] about Remembering JFK
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
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