It is natural to be concerned for those you leave behind, especially your children. That fundamental concern is built into our legal principles in estate law in New York. Leaving a will is the most basic and important legal action you can take to ensure your loved ones will be provided for after your passing. … Read more
The failure of several banks in the last year caused many to question whether their money was protected if their bank went under. FDIC insurance is available up to a certain limit and not just for individual accounts. Almost all funded trusts have bank accounts that are insured by the FDIC. However, the amount of … Read more
As a general rule, you do not need to be perfect or flawless to inherit under someone’s will. If someone includes you in their will, you are entitled to your bequest, even if other people or the Court do not agree with the decision. The court’s goal is to determine and carry out the intent … Read more
It’s not unusual for individuals who are left out of a family member’s or friend’s will to challenge the will on the grounds of undue influence or lack of testamentary capacity. However, as demonstrated in a recent decision of the New York Appellate Division, it can be difficult to prove your case. The decision highlights … Read more
Adults can provide instructions in their will regarding disposition of their remains or designate a person in their will who will make that decision. However, many people die without a will. In that situation, who decides what happens to your body when you die? Who Decides How Your Remains Are Disposed of When You Die … Read more
If you were injured on the job and were awarded workers’ compensation for a set amount of time, what happens if you die during that timeframe from something unrelated to the injury? Do your heirs lose the entire unaccrued portion of the award? Well, the first inquiry required to resolve this question is whether the … Read more
If a loved one no longer has the capacity to take care of themselves or their finances, it may be time to seek guardianship. Under New York law, an interested person can file a petition to have a guardian appointed over either the ‘person’ or property of the incapacitated person. Once appointed, the guardian is … Read more
When someone dies without a Will it is known as dying intestate. In this situation, New York intestacy law determines the decedent’s distributees – that is, the individuals entitled to inherit the decedent’s assets. One issue that can cause confusion concerns the rights of distributees when the decedent owns real property. At what point, does … Read more
A proper estate plan involves more than just drafting a will. That’s because a will only controls the distribution of what are known as “probate assets.” These are assets that do not have separate beneficiary designations. “Non-probate assets,” which include life insurance, retirement accounts, joint bank accounts, and real property owned “with rights of survivorship,” … Read more
Conflicts between fiduciaries (whether executors or trustees) and beneficiaries are not unusual. For instance, these often occur with trusts of long duration, where the trustee controls a beneficiary’s access to assets which the beneficiary would prefer to have outright. Disputes may also arise among co-executors or co-trustees, especially if they have differing views on how … Read more