When a person engages in estate planning and preparing a Last Will and Testament, numerous items of information and directions are set forth in a Will. Along with providing provisions naming beneficiaries and describing distributions of assets, a testator needs to designate fiduciaries such as Executors and Trustees. The selection…
Planning an Estate in New York involves many considerations. At the outset of the process, particular care must be taken to understand the nature of the assets to be covered by the estate plan. Assets that are owned in an individual’s name alone would be subject to the terms of…
The filing of a Will Contest with the Surrogate’s Court brings to mind melodramatic stories of family intrigue and deception that are played out in movies, novels and other media outlets. In reality, Contests regarding a Will in New York are rather common occurrences that are subject to strict statutory…
An Article 81 Guardian appointed to safeguard the person and property of an incapacitated person may need to deal with an assortment of issues. Similar responsibilities are given to the Executors and Administrators of an estate. In particular, the property interests of both an incapacitated person and a decedent’s estate…
The administration of a New York estate requires that the decedent’s assets be identified and collected. In most cases the marshaling of estate assets is not complicated. An Executor or Administrator often collects funds from bank accounts, brokerage accounts, retirement accounts and life insurance. Typically, there are forms to be…
There are a number of different ways in which a person can dispose of assets after death. Creating a Last Will and Testament is a traditional vehicle for a person to transfer his estate to estate beneficiaries. A Will controls all assets that are owned by a decedent in his…
Estate assets may include bank accounts, security investment accounts and retirement funds. However, real estate ownership typically accounts for the largest value in most estates. Moreover, due to the many ways that real property may be owned and the lack of attention by owners to title formalities, an estate’s interest…
When a Last Will and Testament is submitted to the Surrogate’s Court, the document is always reviewed for due execution. The requirements needed to properly sign a Will are located in Estates, Powers and Trusts Law section 3-2.1 entitled “Execution and attestation of wills; formal requirements”. The New York Probate…
When a person dies and leaves a Last Will and Testament, it is necessary to commence a probate proceeding to have the Will validated. Probate in New York requires that various documents be filed with the Surrogate’s Court. The original of the Will needs to be provided along with an…
Article 81 of the New York Mental Hygiene Law (MHL) contain the various provisions regarding the appointment of a Guardian for a person who is incapacitated. The main title of this Article is “Proceedings For Appointment of A Guardian For Personal Needs or Property Management”. The various sections of the…