Choosing the right executor often requires serious thought. There are multiple factors to consider beyond trust, such as health, youth, their willingness and their level of responsibility. 1. Have a backup It's advisable to choose both an executor and a backup...
A person who passes away with a will transfers their property to the beneficiaries named in the will under testate. A person who passes away without a will has their property distributed through a state's intestate succession laws. The laws define which relatives...
A death in the family can be upsetting and stressful without the problem of probate. Unless the deceased person has taken some precautions through probate workarounds, their estate can be taken to probate. A will is not enough protection against the probate process,...
When you die in New York, your property must be distributed to your heirs; this can be your surviving spouse, children, parents, siblings and distant relatives. If you leave behind a will, your executor will manage and give out your assets according to your stipulated...
As strange as it might seem, property owners can leave behind homes and commercial buildings in New York for various reasons and never return. When this happens, these properties can sometimes fall under what's known as bona vacantia. Learning about bona vacantia Bona...
For families in New York who are preparing their estates, one of the key questions in estate planning is the role of the executor. An executor is an important person who makes decisions and helps to facilitate the progress of the estate settlement process, so it is...
New York estate laws spell out strict duties and responsibilities for a fiduciary to follow. The probate proceedings must be done correctly the first time to prevent delays, so an estate administrator has to understand and fulfill the duties as effectively as...
When someone dies in New York, their estate must go through a legal process known as probate in order to be distributed to their heirs. This process can be confusing and complicated, especially if you are not familiar with the law. Here's a look at everything you need...
Choosing who or what group in New York is best suited to manage your finances after your pass is always a tough decision – and all the more so when complicating factors are present. Deciding whether to appoint family members as fiduciaries In many cases, it might make...
When someone in Upstate New York decides to fund a revocable trust as a part of estate planning, determining whom to appoint as the trustee would require careful consideration. The testator would want to know that his or her plans would be carried out as wished. A...