Articles Posted in Estate Planning

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New York Estate Planning Lawyers need to discuss many different issues with their clients. Among the most important considerations is the selection of Executors and Trustees. An Executor is nominated in a Last Will and Testament. Typically, the Will also provides the name of successor Executors in the event the primary nominee cannot or will not serve. A Trustee is also nominated to act in a Will provision regarding a testamentary trust. This is a trust that is created in the Will. There are also trustees that are nominated in trusts that are created outside of a Will in so-called inter vivos trusts. A Living Trust or Grantor Trust is a typical example.

When choosing a fiduciary such as an Executor or Trustee the creator should give the selection some basic considerations.  These include some understanding as to whether the person nominated will accept the appointment.  Some individuals do not want to accept the responsibility of acting as an Executor or Trustee or may not have the time to devote to this task.  When selecting a fiduciary, the creator may want to first ask the prospective nominee if they would accept the appointment. Continue reading →

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Real estate holdings in an estate may constitute the most valuable estate asset. A decedent may have owned a residence such as a single or multi-family house, a cooperative apartment or a condominium unit. In view of the increase in value these assets have experienced, the disposition of such interests is very important to estate settlement and the estate beneficiaries.

New York City Estate Lawyers encounter many estate planning matters and estate administration situations where real estate must be dealt with. When planning an estate with real estate, a testator needs to consider the best or most likely disposition for the real estate upon death. In many cases, the best course to follow may be to have the real estate sold and the net proceeds distributed to the estate beneficiaries. When there are numerous beneficiaries, it can be very cumbersome for a number of different people to own the property. This type of situation often leads to disputes among beneficiaries since some may want to sell the property while others may want to keep the property for rental purposes or to live in. Continue reading →

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An estate plan in New York is very important to establish the disposition of assets. Documents that may be included in estate and advanced planning include a Last Will, Living Will, Health Care Proxy, Durable Power of Attorney and Living Trust. The New York Probate Lawyer Blog has discussed these papers in many earlier articles.

Recently, there have been a number of celebrity cases where advanced planning and estate issues have made headlines. One such case involves Sumner Redstone who was the head of Viacom which owns CBS. Mr. Redstone’s capacity to handle his affairs was called into question and his former companion began a lawsuit to enforce the provisions of his healthcare directive after she was prevented from executing her authority under the document. In an article in hollywoodreporter.com on April 27, 2016 by Ashley Cullins entitled “Judge Rules Sumner Redstone Trial Will Be Public”, it was reported that a trial regarding the companion’s lawsuit is set to begin later this month. As reported by Ms. Cullins, the trial judge has ruled that the trial will be open to the public. The Court is also set to decide whether Mr. Redstone must give testimony. Continue reading →

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Estate Planning in New York involves the preparation of a number of different papers. Included among these documents is a Last Will and Testament. The New York Probate Lawyer Blog has posted many articles concerning the importance of preparing a Last Will as well as the need for the Will to clearly express a person’s intentions.

When a person takes the time and effort to prepare a Will it is essential that the document clearly provide the benefits that the creator wants to put into effect upon death. A New York Estate attorney typically works closely with his clients to fully understand the assets and estate plan that is to be incorporated into the Will document. Continue reading →

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New York Estate Settlement can be complicated by many different factors.  After a person dies a fiduciary such as an Executor or Administrator will be appointed to handle estate affairs.  The New York Probate Lawyer Blog has provided numerous posts discussing the procedure to appoint an estate fiduciary.  In short, where a decedent leaves a Last Will, the Will is submitted to the Surrogate’s Court for probate.  When the Will is admitted to probate an Executor is appointed who is responsible for estate settlement.

When a decedent does not have a Last Will he is deemed to have died intestate. An Administrator is appointed for intestate estates. Typically, the Administrator is one or more of the decedent’s next of kin called distributees.  The distributees, according to their relation to the decedent, have priority to be appointed as an Administrator. Continue reading →

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New York Estate Lawyers know that it is important for individuals to create plans that reflect their intentions. An estate plan can include a Last Will, Living Will, Health Care Proxy, Power of Attorney and Living Trust.

It is important that when creating these documents, an individual give serious consideration to the provisions that are made in each instrument. For example, when preparing a Power of Attorney, a person should be careful to designate an agent that is trustworthy and that the agent be given powers that are necessary and restricted as the situation or circumstance may require. It may not always be the best course just to fill out the standard Power of Attorney form with all of the powers provided and sign it without regard to the possible consequences of such act. Continue reading →

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The estate of a decedent can be affected by many different pre-death and post death events. For example, the decedent may be involved in a lawsuit during life that is still ongoing at the time of death. It will then be up to the estate Executor or Administrator to take over the lawsuit to its conclusion. Depending upon the nature of the case, the lawsuit may result either in a liability to the estate or an asset if the estate recovers money.

New York Probate Attorneys are familiar with many other situations that can impact estate settlement. One such situation involves the marital status of the decedent at the time of death. Under the New York estate laws, a spouse of the decedent has certain rights. If a married person dies without a Last Will, Estates, Powers and Trusts Law (“EPTL”) Section 4-1.1 provides that the surviving spouse would inherit a share of the decedent’s estate. Also, it is not uncommon that a spouse is named as a primary beneficiary in a decedent’s Last Will and Testament. However, even where a spouse is not named in a Will, EPTL Section 5-1.1-A, entitled “Right of election by surviving spouse”, provides the survivor with the right to receive the greater of $50,000.00 or one-third (1/3) of a decedent’s net estate. Continue reading →

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Selecting the proper fiduciaries in estate planning is an important aspect of the planning process. When an individual creates a Last Will or Trust, the Executor or Trustee is the person who is given the responsibility to carry out the creator’s plan and protect the creator’s assets.

The fiduciary has many different responsibilities which include safeguarding and investing assets and paying income and principal to named beneficiaries. A person who is nominated and acts as an executor or trustee owes fiduciary duties to the beneficiaries. Sometimes the interests of the beneficiaries may be in conflict. For instance, an income beneficiary of a trust will want the trustee to invest in high income producing assets while a beneficiary who has an interest in the principal or trust remainder may want investments that produce lower income but higher long-term growth. The trustee must balance the interests of the beneficiaries and often is guided by the terms of the Will or Trust agreement regarding the manner in which he proceeds. Continue reading →

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Estate Planning for New Yorkers can be a very complex process.  When considering a testamentary plan, it is common to immediately think about estate taxes.  While such taxes are imposed in the form of New York State estate tax and the Federal estate tax, most estates are not subject to paying such taxes.

Earlier posts in the New York Probate Lawyer Blog have discussed the fundamental need to understand the nature and ownership of assets. A Last Will and Testament is going to control only the assets owned by a person in his name alone. Other assets that are owned jointly with persons with a right of survivorship are distributed to the surviving co-owners automatically upon the first party’s death. This is also true with assets that have designated beneficiaries such as life insurance and retirement accounts in the form of IRA’s and 401K’s. Continue reading →

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Planning an estate and advance directives involves a considerable amount of time and review so that the desired result is achieved.  The New York Probate Lawyer Blog has discussed the importance of the many considerations when preparing planning and other documents.  The papers that may typically be a part of a plan include a Last Will, Living Will, Health Care Proxy, Power of Attorney and Living Trust.  As Estate Planning Lawyers recognize, a person must review and understand his assets so that the dispositions specified in the documents are effective to carry out the creator’s plan.  For example, if a person is creating a Last Will and desires to devise a certain parcel of real estate , it is important to know the manner in which the real estate is owned.  If the real estate is titled in a joint ownership with rights of survivorship in another person, then the Last Will cannot control its disposition as long as the other joint owner is alive.  As discussed in earlier blog posts, a Last Will generally only controls assets owned by a person in his name alone.

In addition to knowing and understanding the nature of a person’s assets and the title ownership of these items, a person also must carefully determine and describe the recipient of the beneficial bequests. The language used in a Last Will or Trust must correctly and specifically describe the intended beneficiary and the share or amount such beneficiary is to receive. When the dispositive language in a document is ambiguous or unclear, it is common that Estate Litigation occurs to resolve these ambiguities. Continue reading →

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