The new year is our annual reminder to do the things we should have done in the previous year, as well as get ahead and make plans for the future. If you haven't already done so, you should review your estate plan and set up a meeting with your estate planning attorney if you see any changes that need to be made. Step 1: Update your documents. If this past year had you go through family or financial changes, you'll want to address these in your estate planning documents. If, for … [Read more...] about 3 Estate Planning Steps to Take in 2012
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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
Former Stray Turned Millionaire Thanks To Wealthy Owner
It sounds like the plot for a novel or movie. A homeless wanderer leaves a life of poverty after befriending a wealthy elderly woman. She, in return for his providing her companionship in her declining years, decides to leave him her entire fortune. The former vagrant then becomes an instant millionaire. For one fortunate resident of Rome, the story is a reality. Tomassino, a 4-year-old former stray cat, has recently inherited the entire fortune of his former owner, Maria Assunta. … [Read more...] about Former Stray Turned Millionaire Thanks To Wealthy Owner
New York’s Laws on Executors: Part 1 of 3
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
