The executors and administrators of a New York estate have a fiduciary responsibility to collect and protect estate assets. In the event these fiduciaries fail to act in a responsible manner, the administrator or executor’s malfeasance would constitute a breach of fiduciary duty. When a situation arises where it appears…
It is an important role of estate planning to prepare a Last Will and Testament. This document allows a testator to set forth in various provisions his desires as to the disposition of his estate. Once a Will is admitted to probate, the terms become validated and the testator’s estate…
Estate planning in New York involves the preparation of different documents. These include a Last Will and Testament, Living Will, Living Trust, Power of Attorney and Health Care Proxy. All of these papers have terms and language which should be clear and specific so that the writer’s intentions are precisely…
There are a number of different types of fiduciaries. These include Executors, Administrators, Trustees and Guardians. Even an agent under a Power of Attorney stands in a fiduciary relationship to his principal. One common aspect relating to all fiduciaries is that they are required to provide a complete accounting of…
All proceedings regarding an inheritance from a decedent require that interested parties receive proper notice to protect their interests. Whether an estate involves the probate of a Last Will and Testament or administration where there is intestacy, it is essential to determine the identity of a decedent’s heirs or distributees. …
A person who is planning the disposition of estate assets needs to make a number of decisions. Among these is the identity of intended beneficiaries and the value or amount of the interest to be provided. These determinations can occur in different forms. Where someone prepares a Last Will and…
It is not uncommon for a person who is domiciled in New York to have the persons who are interested in his estate residing outside of New York. This situation can occur in a number of contexts. In the event a decedent created a Last Will and Testament, the document…
In order for a Last Will and Testament to be valid, it must be admitted to probate. Probating a Will in New York requires following all the procedures in the Surrogate’s Court. Many times a person who is disinherited or does not receive what he expects in the Will provisions…
A person who dies without a Last Will and Testament is said to have died intestate. According to Estates, Powers and Trusts Law (EPTL) Section 4-1.1, entitled “Descent and distribution of a decedent’s estate,” there is a statutory priority as to the identity of the individuals who are entitled to…
During the course of preparing a New York estate plan, many different issues must be considered. Initially, the basic plan must identify beneficiaries and the property or amounts each is to receive. A thorough review and understanding of the creator’s assets and the ownership interests are essential. As extensively discussed…