A trust is a long-term planning device that may be incorporated into the estate plan of a New York resident. Many individuals choose to set up revocable trusts, which as the name implies, can be terminated, changed and modified. Irrevocable trusts, on the other hand, are unbreakable once created and cannot be changed.
A will is an important document that directs the distribution of a decedent's end of life assets. It is through a will that a New York resident may stipulate how much money, if anything, they want to leave to their kids and grandchildren, whether they will bequeath property to relatives or charities and if they will recognize friends and other family members with distributions of wealth. When a person dies without having a will in place, their estate may be subject to the intestacy laws of the state.
A legal case regarding a New York trust has made its way to the United States Supreme Court. The outcome of its legal dilemma may have far-reaching effects on how trusts across the nation are taxed, and because this is a significant legal topic, this post will discuss the case's facts, arguments and possible legal ramifications once it is decided.
The laws of the state of New York impose certain requirements on wills to make sure that they are authentic representations of the testamentary desires of individuals. Requirements such as witnesses and signatures are in place to help avoid later challenges to wills based on duress, incapacity and other grounds. Challenges to wills can cause wills to be tied up in probate and can take time to work through.
When two individuals own an account jointly, they may both use the funds in the account for their own benefit. Their creditors may pursue the funds when the individuals accumulate debts, and the individuals may transfer their rights in the account to others. It is not uncommon for married New Yorkers to use these types of accounts with their spouses.
One of the main reasons that New York residents take the time to make clear estate plans is to save their loved ones from having to guess what their intentions were for the disposition of their end-of-life wealth and assets. An estate plan does not have to be complicated to serve its purpose: the creation of several key documents can make all the difference between an estate that is subject to interpretation in probate and one that is efficiently distributed to a decedent's beneficiaries.
Taking the time to develop an estate plan is important no matter one's age. While some like to put this off until later in life, it is often stressed that individuals understand what an estate plan can do, the different documents that make up an estate plan and the importance of keep them up-to-date. Take for an example a will. This document is crucial when it comes to designating the heirs and beneficiaries that obtain one's property and assets following his or her death.
With regards to estate planning, many think that it is all about the future and later in life decisions. While it is important to take action to draft documents that detail what should happen at your death or in the event of incapacitation, it is vital for individuals in New York and elsewhere to consider steps they can take in their lifetime to benefit their financial future. This is often where trusts can be beneficial.
A valid will can be an important part of a White Plains resident's estate plan, but it is an unfortunate fact that many people mistakenly believe that their wills meet all of the state's technical requirements. When a will lacks certain provisions or legal requirements, it may be deemed invalid and may be set aside when a person passes on. It is important that individuals seek individual legal counsel to ensure that their wills are up-to-date and legally sound to avoid having them disregarded after their deaths.
A person can have a great deal on his or her mind when getting a divorce. Given this, there are a lot of things a person who has just gone through a divorce may be tempted to put off for awhile. However, there are some things it is critical to not procrastinate on following a divorce. One of these is estate planning. Estate planning missteps can have major ramifications for a divorcing person and his or her family. Today we'll go over two estate planning mistakes it is critical for individuals to avoid following a divorce.