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trust & probate administration Archives

Considering an irrevocable trust and life insurance policies

There are many steps New Yorkers can take to make their estate plans as robust as possible. Some decide to sell businesses and homes, thereby converting the asset to cash that is more easily distributable, while others try to utilize trust-bearing accounts that only pay out to beneficiaries when certain conditions are met. Another common tactic in building an estate plan is purchasing life insurance.

Aretha Franklin leaves massive estate behind with no will

Previous posts here have discussed the importance of estate planning and how those who don't engage in it adequately or in a timely fashion can be left susceptible to asset distribution that would be against their wishes. Yet, many individuals continue to neglect planning their estates. Even celebrities, like Prince, fall into that category, oftentimes triggering years-long litigation to value the estate and determine how property should be distributed.

Accounting for a child's care after parental death

If you've been reading our blog, then you know that there are many aspects to an estate plan. Oftentimes the focus is on physical assets, such as money, real estate, and personal property, but it can also include powers of attorney and health directives that can instruct other as to how to act in the event that incapacitation strikes. For New Yorkers who have children, there is a whole other consideration that must be considered when creating an estate plan.

Are debts inherited from an estate?

Estate planning is the process through which individuals devise a plan for the distribution of their assets upon their passing. These assets can vary widely from person-to-person,and can encompass numerous asset types. Bank accounts, stocks and bonds, real estate, personal possessions and even intellectual property can be addressed in an estate plan. Yet, while creating an estate plan or when a loved one passes away, individuals are often left wondering how debts are handled after death.

Estate planning and undue influence

Drafting an estate plan is supposed to be a process blanketed in trust. Those engaging in estate planning often trust professionals to provide them with advice that is best for their set of circumstances, and those same individuals often trust that their heirs and beneficiaries will abide by the estate plan. Although thoughtful and thorough estate planning can ensure that trust is maintained and that asset distribution upon death occurs in accordance with a testator's wishes, there are circumstances where trust is betrayed and estate plans are threatened.

The duty of the estate administrator

Finding the time, energy and motivation to create an estate plan is small feat. Yet, successful creation of one of these plans is just the start of the asset distribution process. In fact, an estate administrator plays a significant role in this process, as he or she has a number of duties that must be carried out carefully to ensure that the estate's integrity is protected.

The supplemental needs trust

Gathering the courage and motivation to engage in estate planning can be quite an ordeal in and of itself. However, the process can be much more difficult to tackle if you have unique circumstances that must be addressed. One such issue is when an heir is one who has special needs. Typically, this person is a child of an estate planner, so those engaging in estate planning want to make sure they are taking the proper steps to ensure their child is adequately cared for once they pass.

Steps to make the estate planning process less overwhelming

Estate planning should be a part of every individual's life. However, many people choose to put off estate planning for far too long. Some never wind up engaging in it. There are a variety of reasons for the hesitation and procrastination. More often than not, people are afraid to confront their own mortality. They believe estate planning is only meant for the wealthy, or they feel overwhelmed by the process. None of these concerns are valid. This week we will look at how New Yorkers can simplify the estate planning process so that it doesn't seem so overwhelming.

Millions of dollars may be missing from prominent estate

We all have a general idea of who we would like to have our possessions if we pass. Those who engage in estate planning hope that their assets will be passed on in accordance with their wishes. To do so, these individuals utilize a number of legal tools, including trusts, wills and powers of attorneys. However, even the most iron-clad estate plan can falter when an estate administrator and others involved in the estate distribution process fail to abide by the laws and rules in place to protect estates.

Family conflict can be a barrier to estate planning

When people think of estate planning, they often think about how they want to leave their assets to their loved ones while at the same time protecting the value of the estate. In a nutshell, this is the entire purpose of estate planning. But there are many considerations that go into the process, which may alter the way in which one engages in estate planning. These considerations can give rise to estate planning challenges.

Office Locations

Enea, Scanlan & Sirignano, LLP
245 Main Street
White Plains, NY 10601

Phone: 914-269-2367
Toll Free: 800-724-1327
Fax: 914-948-9316
White Plains Law Office Map

Additional office location
in Somers, New York


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