Many people put off the completion of their estate planning because preparing for the end often forces us to deal with difficult questions. For example, you will eventually have to make a decision as to who should look after your children and property after your...
Trustees, Executors & Fiduciaries
Important questions to ask about a power of attorney
A power of attorney is something that every New York resident should incorporate into his or her estate plan. Indeed, when considering trustees, executors and fiduciaries, power of attorney documentation is vital and perhaps the bare minimum component of your estate...
What are my duties as a special needs trustee?
A Supplemental Needs Trust is designed to assist individuals who qualify for certain governmental benefits such as Medicaid and Supplemental Security Income. Also commonly referred to as a Special Needs Trust, an SNT is basically a trust which ensures that...
What is an executor of the will under New York law?
In New York, the executor of a will is the person named by the decedent to carry out the provisions of the will. In some cases, a woman tasked with this responsibility is sometimes referred to as an executrix. It is also important to know that sometimes a bank or a...
What is a fiduciary in New York?
When doing estate planning in New York, you may come across a number of terms and definitions for things that you do not fully understand. This is normal, as most people have no experience with estate planning when they start, and it is to be expected. However, it is...
Changing nature of fiduciary responsibility in New York
In a previous blog post, we discussed how technological advances have forced certain changes in New York estate planning laws. In particular, we talked about how the duties of a fiduciary have grown to include handling the electronic and digital records for a...
Can my executor use an “electronic digital will” in New York?
When a person dies in New York State after having previously formed a will, that person is then considered a testate decedent. The Surrogate's Court of New York has the authority to supervise the appointment and qualification of any individuals named in the will as...
What are my responsibilities as an executor?
If you have been named as the executor for a New York resident's estate, you may have a lot of questions about your personal role. How do you comply with legal regulations regarding the execution of your loved one's estate? Who can you turn to during this difficult...
From 1930s pancakes in New York to litigation in 2014
Estate matters in New York and across the country aren't always limited to how property and assets are divided among heirs. In many cases, individuals appoint trustees or executors to handle other business matters or legal aspects of an estate. Sometimes, the family...
Library trust raises issue about trustee compensenation
A recent case in Queens, New York, has raised questions about compensation for trustees of a public library. On July 23, the borough president used her authority to dismiss six of the 19 trustees tasked with the stewardship of the Queens Library board. The borough...