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 court cases and commentaries have focused on the use and problems associated with a Power of Attorney. In New York Article 5, title 15 of the General Obligations Law contains the statutes regarding a Power of Attorney (GOL Section 5-1501 seq.). The Power of Attorney can be a useful…
When a person dies and leaves a Last Will and Testament, the typical course to follow is to probate the Will. This Blog has published many posts concerning the probate process. The Will is filed with the Surrogate’s Court in the county where the decedent had his primary home. A…
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…
Estate Administration in New York involves the collection and distribution of the decedent’s assets. The New York Probate Lawyer Blog has discussed the many different types of assets that may be a part of a decedent’s estate. These assets include bank accounts, stocks and bonds, tangible personal property, and real…
New York Estate Lawyers frequently refer to Estates, Powers and Trusts Law (EPTL) Section 3-2.1 regarding the formalities required with regard to execution and witnessing of a Last Will. When a petition is filed with the Surrogate’s Court to have a Will admitted to probate, the statutes require that notice…
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 very common issue that arises during the course of estate administration concerns assets that a decedent transfers close to the time of death. These transfers can be in the form of outright gifts or the creation of ownership rights such as a joint tenancy or through a beneficiary designation.…
Estate planning in New York is essential to the proper administration of a decedent’s estate. Creating an estate plan that includes a Last Will, Living Will, Health Care Proxy, Power of Attorney and possibly a Living Trust can facilitate the process by which assets are passed to family and friends…
The New York Probate Lawyer Blog has talked about many different aspects of estate settlement. An estate fiduciary such as an Executor or Administrator has a fiduciary obligation to identify, locate and collect estate assets. In numerous instances, the decedent may have been involved in business or other transactions where…