Weinstein & Randisi
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Estate Administration Archives

The importance of picking the right executor when estate planning

Vigilant New Yorkers will make certain that they have crafted a comprehensive estate plan regardless of their age, assets and family situation. However, one factor that is often overlooked is the executor. Many people will have someone in mind to serve this vital function, but they do not consider the multitude of factors that go into the decision and whether their initial choice is the right one for the job. Being an executor is not easy and bearing various issues in mind is key when selecting the person to do it.

Putting a value on the family business

A previous post on this blog discussed how an executor of a will or a trustee of a trust can put a correct value on some common types of property a person may hold when he or she dies. This process is important for a variety reasons and may rightly be called one of the most important things an executor or trustee will do as part of his or her duties.

How to put a value on common types of estate property

A previous post on this blog talked about how when it comes to estate administration, one of our law office's most important services is providing help with asset valuation on the estate's property. How much each piece of property is worth answers a lot of critical questions that will ultimately determine how much a Rochester, New York family will receive in inheritance and how much of the estate will go to the government in the form of taxes.

Asset valuation: an often forgotten part of estate administration

Particularly for those who have lost a loved one recently and are still expected to handle what was their property administering an estate can be an added stress and a time-consuming activity. Even in estates which are not being contested by disgruntled heirs, there is still a lot of administrative paperwork to do and steps to take, and this is true even if the property is part of a trust as opposed to a will that has to go through probate.

How does the inheritance tax work in New York?

One importance piece of estate administration that any personal representative handling a Rochester, New York, estate will have to resolve is whether an estate will have to consider and pay an inheritance tax. Like many other states, New York has an inheritance tax which has to be paid even if an estate will not be assessed the federal estate tax.

What are the duties of the executor of an estate?

While being chosen as the executor of a loved one's estate might be considered an honor, it can also be confusing, particularly for those who have not been the executor of an estate before. It is still important to have a basic idea about what the executor of an estate does.

Stipulating the care of a pet after death in will planning

People in Rochester and throughout New York who have concerns about their personal property for the future will undoubtedly be aware of the need to consider estate planning and will planning. One issue that is worrisome for many is if they have a pet. In some instances, the person does not realize that it is possible to stipulate for a pet's care after death. In others, they might be embarrassed to try and add a pet to a will. The truth is that it is not only possible, but wise and kind to do so.

Estate planning mistakes are far too common

Rochester residents who are considering their options for estate planning might not see themselves as similar to people who are famous or frequently in the news. However, mistakes that prominent people have made with such issues as considering their heirs, will planning and having a valid will can easily be replicated by "normal" people. With this in mind, it is wise to plan. This is imperative for those who are thinking about the future, their family and the assets they have accrued whether small, medium or large. A part of that is considering how famous people have erred and taking steps to avoid the same fate.

What does a personal representative do for an estate?

When a person passes away, that person's property becomes known as an estate. An estate includes all property the person accumulated during his or her life, both personal property and real estate. The purpose of a will is to determine how that property will be distributed. However, there almost always must be a person placed in charge of administration.

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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