Once you have made some decisions about how you want your estate to be handled, you need to designate someone to carry out your wishes as your executor. While a lot of people simply pick their oldest child for the job, that’s not always the wisest move. It’s a big...
When someone dies, what they choose to do with their personal property will be a major part of their long-term legacy. The individuals and charitable causes that benefit from their estate will likely long remember someone's final acts of financial generosity. What...
Estate planning should start at a relatively young age, particularly if you have children. Wills should be updated after each major life event, such as the birth of children or grandchildren, divorce and the death of benefactors or an executor. There are instances...
As the personal representative of a New York estate, you essentially assume responsibility for everything left undone by the deceased. You will fulfill their last wishes as outlined in their will, if they provided one. You will secure their property, communicate with...
There are a few risks that come with estate administration in New York. Some of them are personal, like the strain such work may put on your schedule or how it will affect your relationships with the beneficiaries of the estate. Others are financial. Certain mistakes...
A testator who takes the time to plan their estate will still depend on others to administer their will after they die. Whether your family member named you as the individual they wanted to handle their affairs after their passing or you stepped up into the role...
Being an executor comes with numerous responsibilities, and it also comes with a couple of risks. If you make mistakes regarding the management of the testator assets and finances, you could face personal losses. Failing to repay creditors is a mistake that could lead...
The executor will be responsible for initiating the probate proceeding of your will and fulfill the wishes that you expressed in it. Your executor will have a fiduciary duty to your estate, which means they will be held liable if they misuse your assets for their own...
No one knows when death will come, which is why so many attorneys push for people to put together their estate plans. Those plans have details on how to handle major assets and what a person wants to see happen if they’re badly hurt or unable to make decisions for...
In New York, there are many questions that heirs will have after the death of a loved one. Estate and probate can be complicated and confusing and it is even more difficult if there was no will. A person who died intestate might have done so because they did not...
