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...
New Yorkers who are just learning about the will creation process may not be aware of the requirements for a valid will in their state. However, meeting these requirements is essential to making sure the court finds your will to be valid when the time comes to...
In New York, people who have created an estate plan have the right to feel a sense of satisfaction that they have taken steps to shore up their future and are prepared. A well-crafted estate plan can address all issues such as who will receive property, how businesses...
Many people begin their estate planning journeys without understanding what the related legal terms are, which can be confusing and can lead people to make decisions that may not be in their best interests. For example, one of those words is probate. Probate is the...
