A New York Estate Planning attorney is familiar with the numerous issues that need to be reviewed when creating estate planning documents. Such documents include Last Wills and Living Trusts.
As pointed out in the New York Probate Lawyer Blog, a fundamental aspect in the planning process is understanding the property owned by a person and the manner in which such asset is held. For example, real estate interests can be owned by someone in their individual name or in their name as a joint tenant with another person or as a tenant in common with others. When a person dies, an asset that is owned jointly or with a designated beneficiary passes to the joint owner or designee outside of the decedent’s estate. Thus, such property would not be subject to the terms of a Last Will or the laws of intestacy. Continue reading →