New York Probate Lawyer Blog

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