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There’s a very good chance that your estate is going to include some final debts. You can plan for some of these debts in advance. For instance, people sometimes attempt to pay off business loans or home mortgages as they get older, intent on clearing those debts...
Before you challenge the validity of your loved one’s will, it’s important to understand the gravity of your decision and the potential implications. Contesting a will could affect your relationships with close kin, not to mention the likely financial and legal...
The executor or personal representative of an estate serves in a position of trust and authority. They have control over an individual's resources and ultimately determine the legacy they leave after their death. Most people who accept the responsibility of estate...
As a will beneficiary, you may worry about the possibility of estate mismanagement by the executor during probate. This can happen for various reasons, including an inexperienced or negligent executor, poor financial decisions or even outright fraud. The consequences...
When many people write their will, they’re planning on an immediate transfer of assets. For instance, maybe you have two adult children and $200,000 to leave them. When you pass away, you assume that each of them will get $100,000 right away. This is a simple and...
Estate planning doesn’t have to focus solely on what happens to your assets once you die. In fact, if you have significant assets, your estate plans should also include strategies to minimize potential financial drains – including excessive taxation. This is where a...
As technology has advanced, many aspects of our personal and financial lives have moved online, resulting in the accumulation of digital assets. Digital assets are a relatively new phenomenon. Nevertheless, they have become increasingly important components of both...
Most people are quite protective of their personal independence. They want to control what they do and when. Even those who struggle to make the best choices for themselves may not want to give up any personal authority. Therefore, the choice to pursue a guardianship...
Probate helps ensure that a deceased person’s will is genuine and that their assets go to the right people. The time probate takes in New York can differ based on several factors but typically lasts seven to nine months. It may take longer if it involves complex...
As you draft your estate plan, you begin by listing out the assets that you want to pass on to your children. You may have a significant amount of financial assets that you’ve saved up. You hope it can provide some financial stability to the next generation. Maybe you...