When you start working on your estate plan, one of the first things you must decide is who you want serving as the executor of your estate. This is a pivotal role and the person you select must fit certain criteria. Naturally, you may lean toward a trusted relative...
Probate & Estate Administration
Signs that you need a will
At its most basic, a will directs the distribution of certain property at the time of your death. Most people know that a will belongs on a shortlist of essential documents for estate planning. However, you might not know what factors make it beneficial to have a...
What good is an advance directive?
No one enjoys entertaining worst-case scenarios in their mind. However, it is always better to think ahead and prepare for the worst than it is to ignore the possibilities of what might happen and end up totally caught off guard. This is the case for advance...
Do you need a healthcare proxy in your 20s?
When you cannot make your own medical decisions because of an illness or injury, a healthcare proxy will determine what happens. This document gives power to an individual who can then make these important choices on your behalf. Of course, it makes sense that older...
Why should a single young person have an estate plan?
There is a common misunderstanding that young people do not need to have estate plans or that estate planning is only important for older people, married people or people with kids. According to U.S. News and World Report, estate plans are important for every adult....
How can I choose an executor for my will?
An executor of a will has many important responsibilities they must handle. This person will assume your role in financial matters after you are gone to ensure debt repayment, disperse inheritances, and other tasks. Because the role is so crucial to your estate and...
Exercise patience when serving as executor
In New York and most other states, the executor of an estate may not need to take immediate action after someone passes away, but many do. It is important for executors to take some time to grieve and recover emotionally. This makes it easier to proceed with a clear...
Understanding probate basics
Every estate planner should be familiar with the probate process, what it is and how it works. Probate is the process of transferring the estate planner’s property after death. Sometimes the process is referred to as probating the will which should include the...
Managing an estate when no will exists
If there is one thing that readers of this New York estate planning blog should take away from its many posts it is that everyone should have an estate plan. An estate plan does not have to be a complicated scheme of inheritance and conditions: estate plans need only...
Managing an estate when the decedent had debts
The word "debt" often has negative connotations. Debts can be burdensome, long-lasting, and can affect the ways that New Yorkers spend and save their money. However, some debts, while not necessarily good, are not as negative as others. For example, when a person...
