Articles Posted in Estate Planning

One of the most essential aspects of every trust and estate is the fiduciary who is in charge of its affairs. The fiduciary may be an Executor, Administrator or Trustee depending upon the type of situation. However, in all cases the fiduciary has many powers and obligations.

Estates, Powers and Trusts Law (EPTL) Section 11-1.1 entitled “Fiduciaries’ powers” provides a list of the powers that fiduciaries can exercise. For example, an Executor may need to: (i) take control over property; (ii) open a bank account; (iii) sell property; (iv) defend a lawsuit; (v) or commence a legal proceeding to protect the interests of a Trust or Estate. The New York Probate Lawyer Blog has discussed many situations regarding fiduciaries’ powers. Continue reading

It is important to complete estate planning papers so that a person’s intentions and desires are clearly set forth. The list of documents to plan an estate can include a Last Will and a Living Trust. When an Estate Planning Lawyer prepares these papers it is important to provide the attorney with all family and asset information so that the documents that are prepared are complete and accurate.

For example, it is necessary to review all asset information. The New York Probate Lawyer Blog has published many articles discussing the different issues associated with various assets for planning purposes. If an individual owns joint assets or assets where there are designated beneficiaries, these items typically are not controlled by the terms of a Will. These types of assets pass directly to the joint owner or the named beneficiary. Continue reading

Last Will and Testament is an important part of a person’s estate plan. There are a number of papers that a person should consider when starting to prepare a plan. In addition to a Will, these papers can include a Living Will, a Health Care Proxy, a Living Trust and a Durable Power of Attorney.

The New York Probate Lawyer Blog has published many articles discussing the items of information that must be considered when preparing these documents. Simply put, a person needs to understand the nature and extent of his assets. This should include a review of the ownership title, such as joint or individually owned assets, as well as the value of the assets. Continue reading

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

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