New Yorkers who are creating or have already created an estate plan will undoubtedly believe that the document is sound for the future even if minor tweaks need to be made. However, when there are major life changes, such as a divorce, the entire estate plan could be affected. When a married person is drafting estate planning documents and that marriage ends in divorce, making changes to the estate plan is imperative for the future of the entire family.
Proper estate planning can avoid family disputes
It goes without saying that everyone in New York can use some type of estate plan. For those who are facing the prospect of a significant tax bill because they have major assets, it is not enough to have an estate plan. It is also necessary to have a grasp on how the family situation might complicate matters. For the testator, it is imperative to understand how family disagreements and potential sticking points can be problematic and take the necessary steps to avoid them.
Legal dispute centers around late artist's estate
The estates of artists can be complex and can lead to many people fighting over them after the person has passed. This is especially true when there were disagreements and dueling assertions as to what the testator wanted. When these issues cannot be solved by examining the documents, a legal dispute is likely. While it is preferable for a testator to take the necessary steps to have a comprehensive estate plan that clearly defines their goals, that does not always happen and a court battle can come about.
Understanding fiduciary responsibilities after a person's death
The responsibilities of a fiduciary in New York should be taken seriously after a person's death. Estate administration has certain requirements based on the estate plan and the fiduciary plays a critical role. There are numerous terms that could be applicable, depending on the circumstances. Understanding these and the duties and responsibilities of the fiduciary can be complicated. A lawyer can be of assistance with estate administration.
Untying The Knot Of A Loved One's Finances
If you asked your children to make sense of your finances without any input from you, would they be able to do it? Would they be able to piece together the information they need without knowing your computer passwords? Would your filing cabinet give them the answers to questions about your assets, debts and accounts?
