Articles Posted in Estate Planning

There are a number of different types of papers and considerations that are involved in estate planning. It is important that the documents appear clearly and express a person’s directions and intentions. An estate plan can include a Last Will and a Living Trust. Also, advance directives such as a health care proxy, living will and power of attorney can be put into effect.

Planning documents often include the use of a trust. A trust can be created in a Last Will. This type of trust is a testamentary trust. When a Will is admitted to probate, this trust becomes effective and the Surrogate’s Court appoints a testamentary trustee. Continue reading

The planning of an estate in New York has many benefits. The primary goal is to establish documents such as a Last Will, Living Will, Health Care Proxy, Power of Attorney and a Living Trust that provide a definite and unambiguous expression of a person’s desires. With regard to a Last Will, the document should be a careful statement regarding the disposition of estate assets to named beneficiaries. New York Estate Lawyers assist individuals with the drafting and execution of these papers.

As discussed in many posts in the New York Probate Lawyer Blog when a person dies intestate (without a Will), State statutes, such as Surrogate’s Court Procedure Act Section 4-1.1, determine who is to inherit the estate property. Continue reading

The creation and implementation of an estate plan requires the consideration of many factors. Reference is made to the New York Probate Lawyer Blog which contains many articles regarding the planning of an estate.

One of the essential elements in the planning process is obtaining a full understanding and inventory of assets. The reason such an examination is needed is to ensure that assets are transferred in a manner according to a person’s intentions. The primary function of a plan is to be certain that post-death dispositions to beneficiaries occur according to an individual’s desires. New York City Estate Lawyers are familiar with the rules and requirements regarding property dispositions. For example, a Last Will is going to control the disposition of assets that are owned by a decedent in his name alone. However, other assets such as jointly owned accounts or assets that have a designated beneficiary, are going to be paid directly to the joint owner or designee outside of the terms of a Last Will. Continue reading

One of the most important papers that are prepared in estate planning is a Last Will and Testament. A lot of time and effort can be spent when finalizing a Will. The process includes many items, such as (i) reviewing and understanding the assets that are to be a part of the plan; (ii) determining the persons who are to be estate beneficiaries; (iii) considering the amount of a bequest or the share of the estate that each beneficiary is to receive: (iv) deciding upon whether a beneficiaries’ share is to be paid outright or held in a trust for the beneficiaries’ benefit; (v) examining whether there are any tax planning provisions that can help save estate or income taxes; and (vi) choosing persons that may act as executors or trustees. The New York Probate Lawyer Blog has provided a great many articles regarding Wills and estate planning. Continue reading

Planning an estate in New York requires that numerous factors be considered. The testator or creator of a Last Will or Trust should begin by making a complete inventory and review of his assets.

The New York Probate Lawyer Blog has many posts which discuss various rules regarding the disposition of assets.  In its most simplest form, assets that are owned by a decedent in his name alone generally are controlled by the provisions in a Will.  However, assets that are owned in joint names with rights of survivorship or which have designated beneficiaries such as life insurance or retirement funds, pass automatically and outside of a Will to the designated owner.  Therefore, in order to effectively engage in estate planning, a person must know and understand his assets and the manner in which they are owned. Continue reading

Estate Attorneys in New York are routinely consulted with regard to issues concerning the rights of a surviving spouse.  These matters become more complex when one of the parties has had a former marriage.  It is even more complicated where there are children from the prior marriage.

The estate laws in New York and the estate tax laws generally seek to provide protection and advantages for spouses.  For example, Estates, Powers and Trusts Law Section 5-1.1-A entitled “Right of election by surviving spouse” provides that a surviving spouse has a right to inherit a share of a deceased spouse’s estate.  Essentially, the law is intended to prevent a surviving spouse from being disinherited.   Continue reading

The planning of an estate in New York involves a number of basic considerations. Many recent articles in the news have drawn attention to the need for creating an effective plan. The New York Probate Lawyer Blog has also published numerous posts regarding the planning and administration of estates.

A recent post by Kelli B. Grant on September 16, 2016 entitled “Don’t Make These Celebrities’ Estate-Planning Blunders” points to a number of basic areas that everyone should review regarding their planning needs. In her article, Ms. Grant reports that even the rich and famous fall victim to even the most basic problems. For example, the article refers to the recent death of the rock star Prince who failed to prepare a Last Will. Ms. Grant lists other notables such as Sonny Bono, Jimi Hendrix and Pablo Picasso who also neglected to memorialize their desires in a Will. Continue reading

New York Estate Planning requires that the creator of a Will or Trust clearly set forth his intentions. It is very important that a Last Will or a Trust clearly state the manner in which a person wants his assets to be distributed. Serious problems arise when a Trust or a Will contain language that is ambiguous or provides for dispositions that have a negative impact on the estate plan. One way to avoid these complications is to prepare the documents using clear and direct language. Also, the creator and the estate attorney should review the papers a number of times before they are finalized and signed. However, all potential problems cannot always be prevented. A number of recent Court cases provide examples where Trust language can have a costly effect on Trust administration. Continue reading

Planning an Estate includes the preparation of a number of different documents. These can include a Last Will, Living Will and Health Care Proxy, Power of Attorney and Living Trust. The New York Probate Lawyer Blog has discussed the importance of estate planning in many articles.

A very important aspect in the preparation of planning documents is the necessity to clearly and precisely set forth the directions and provisions regarding the disposition of property. The primary and obvious reason for clarity is so the testator’s wishes can be easily carried out by the estate fiduciary. If the Last Will is clear as to the bequests and assets that the estate beneficiaries are to receive, the goals of estate planning can be easily achieved. Additionally, unambiguous provisions in estate planning papers can help avoid controversies among beneficiaries that result in Estate Litigation. Continue reading

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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