Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

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Estate Administration Archives

Understanding the consequences of dying without a valid will

Residents of New York might know that they should take the necessary steps to create an estate plan such as having a will. For all the good intentions that go along with will planning, it might be put off until later, repeatedly. Procrastination is a profound negative as failure to prepare for the inevitable future and not having a will can cause major problems for the loved ones after the person's death. There are multiple issues when a person dies without a will. Knowing and understanding the consequences should lead to a change of plans and the decision to create even a basic will.

What should I know about small estates when estate planning?

Not every New Yorker has a vast portfolio with significant assets that must be distributed at the time of death. Some people have significantly less. This determines the designation of the property of the decedent being referred to as a "small estate." If there was less than $30,000 in personal property - items that do not include real property - at the time of death, it will be a small estate. Technically, the estate is subject to Voluntary Administration. This makes it irrelevant as to whether the decedent had crafted a will.

How does intestacy affect my estate after death?

For people who have died and did not have a valid will, their estate is considered intestate. This means that there was no will and the distribution of assets will be based on the law for such circumstances. New York residents who fail to have even a basic estate plan should be aware of what this can do to the loved ones who are relegated to receiving their portions of the estate not based on what the person wants, but based on statute.

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.

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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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