Joint ownership refers to property held by two or more people. It typically happens when family members or business partners invest in a property together. Joint ownership is more common with married couple, who buy a home or share assets. Depending on the type of...
When someone passes away, an executor manages their estate according to the will. This role demands trust and responsibility. However, executors can sometimes mismanage an estate, causing distress for beneficiaries. Knowing what to look for can help you identify...
When someone passes away, their loved ones are often left to navigate the complex, costly and time-consuming process of probate. This is why many people seek ways to bypass probate. You may hear other people recommending revocable or living trusts to do that. However,...
Your role as an executor in New York comes with a myriad of responsibilities that can easily become overwhelming. This is particularly challenging if you are also coping with the loss of a loved one. Among these tasks, handling creditor claims often stands out as...
Estate administration is inherently a complex process that can quickly become a minefield of family conflicts and legal challenges. That is why the task of being an executor while mourning the passing of a loved one can be extremely challenging for anyone. If you are...
Choosing an executor for your estate takes careful consideration. It's not unusual for an individual to select one or more of their children for the task, likely believing there is no one better to honor their final wishes. But there are some excellent reasons why...
As you start thinking about your estate plan, you'll likely hear one piece of professional advice: do what you can to avoid probate. But what is probate, and why should you steer clear of it? In simple terms, probate is the court-supervised process of distributing...
Probate court can turn into a lengthy process in New York, especially when individuals don’t take steps to avoid delays. Unfortunately, it’s often the heirs who must endure the delays. Here are three steps that individuals can take to protect their heirs from a...
Probate can be a difficult process in New York. In most cases, it’s wise to avoid the probate process. It may result in an outcome for your estate that does not match your preferences. While death is scary to think about, everyone should plan for what happens to their...
The state of New York requires an estate be created whenever a person dies and does not leave a will, or they have assets not addressed in the will. The estate would hold all the deceased’s undefined assets until they can be settled through the process of probate. One...