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A DNR, or a “do not resuscitate” order, tells medical professionals not to give someone treatment designed to restart their heart or get them breathing again, should either of those processes stop. The person simply wants attempted life-saving care before this point,...
When you die, any assets you own will be distributed to your beneficiaries per your wishes through the New York probate process. Unfortunately, probate is complicated, lengthy and expensive. However, it may be possible to circumvent the entire probate process. To...
One part of estate planning is setting up a guardianship. This is a legal agreement that gives one person the ability to make decisions for someone else. That person is said to be the guardian of the other individual, who needs assistance with those decisions. The...
As you begin to think about your estate plan, you’re pleased that you’ll be able to leave your children – and by extension your grandchildren – a considerable amount of money that can help ensure they’ll never have financial worries. However, you’ve heard enough...
Creating an estate plan is a good first step in protecting your loved ones after you pass away. However, it may create a few issues if you haven’t reviewed your estate plan in several years. If you don’t review and update your estate plan, it can leave gaps that your...
If you ask the average person if they have an estate plan, odds are that they don’t. You may be surprised by this, but studies have consistently found that the majority of Americans don’t have an estate plan. However, taking this approach – putting off estate planning...
When you bequeath loved ones part of your estate through a will, they will be the legally recognized owners of the said assets and property. Therefore, they can sell them off if they wish. Creditors can also repossess them for a debt owed. To protect your estate from...
It’s often questioned what will happen to a person's estate after they pass away. While many believe an estate will be given to the closest heir, sold or donated, there are many options people have to decide themselves – otherwise, it may be up to the state to decide...
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...