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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...
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...
When someone dies, their will helps determine what happens to their property. Family members usually trust a will to accurately describe someone's wishes. The personal representative of the estate follows the instructions in the will when distributing property, and...
A will is a crucial component of any estate plan. This document outlines the final wishes of the testator. For example, the testator may wish to leave their house to the children in equal parts. For a will to be valid, it must accurately reflect the wishes of the...
Stepping into the role of an executor is no small task. As the individual entrusted with administering a deceased person's estate, the executor bears great responsibility and authority. However, it is crucial to understand that this authority also comes with...
When people write up a will, they are expected to designate an executor of an estate. You may happen to be asked by a loved one or family member to take on this role. The executor of an estate may be a new title that you’ve never heard of, so there are some things you...
Many estate administration responsibilities fall directly to the personal representative of the estate. They have to notify creditors and repay debts. They will also need to handle tax responsibilities on behalf of the deceased. Estate taxes only apply to...
You certainly have a right to disinherit anyone you want when you're making your estate plan. Your children may all expect to get the same amount of money from you, but you can leave one of these children out. There's no law against doing so, and what you plan to do...
Many testators don't know much about the roles that an executor must carry out when they appoint them to their role -- and neither do the executors that agree to accept those roles. Handling an estate isn't easy when an executor is unprepared. They may make mistakes,...