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When it comes to estate planning, many seek to find a simple and easy mechanism to transfer their assets and property after their death. However, even the most basic estate could require a comprehensive and complex estate plan. As such, it is important to understand...
If you’re interested in using a power of attorney, there are a few different types. For instance, some people use a medical power of attorney, while others will focus more on legal or financial decisions. Either way, this document gives someone else the ability to...
Estate planning can be daunting, but it is crucial for ensuring the fulfillment of your wishes after you pass. Creating a valid will is one of the most important components of estate planning. In New York, there are specific requirements to ensure your will is legally...
Creating a will is an essential step in estate planning. Deciding who to name as beneficiaries is equally challenging. Below are suggestions for navigating this complex task. Consider your immediate family When thinking about beneficiaries, your immediate family...
If you’re a businessperson, politician or someone who sits on the board of a charitable organization, then you have to be careful to avoid conflicts of interest. This can make it difficult to manage your finances in a way that shields you from real or perceived...
Imagine someone you love passing away without leaving a will. It's a difficult scenario to think about, but it's a reality that many families face. When someone dies without a will, it's called "intestacy." In New York, the state has its own intestacy rules for...
The death of a loved one often prompts questions about their final wishes and estate distribution. In some cases, family members may discover these wishes in unconventional forms, such as handwritten notes on a napkin. However, courts scrutinize the validity and...
An estate plan in New York can include more than a will. Many people choose to set up a trust as part of the estate planning process. Contrary to what you may believe, trusts are not only for rich people or people with many high-value assets. A trust can be a valuable...
When you hear the word probate, you might automatically think of the distribution of assets to heirs and beneficiaries. While this is part of the New York probate process, debts are another part of the process that cannot be overlooked. If you are appointed to serve...
For gun enthusiasts and collectors alike, in New York, integrating firearms into an estate plan requires careful attention due to state laws governing their inheritance. First, it is crucial to verify the legal ownership and registration of the firearm by the...
