Leaving a gun to someone in your will can present a number of complications in the administration of your estate. New York law doesn’t allow an executor or beneficiary to simply take possession of a gun when they take over the estate of a gun owner. There are issues pertinent to gun ownership which must be considered in order to avoid complications and potential legal liability in estate planning and estate administration.
Executor responsibilities
When an individual wants to disinherit a family member, an “in terrorem” or “no contest” clause in his/her will can be effective. The clause can deter challenges to a will, but it does have its limits and should be used carefully.
Trusts are generally governed by state law and as such, disputes are usually handled in state courts. However, in some situations, suing in federal court may be an option and may have potential benefits to a party.
There are several reasons why a party may want its action adjudicated in federal court:
Typically, probating your will is a straightforward process, but sometimes issues can arise especially when a will was executed years ago and witnesses have died or moved, or the attorney who drafted the will and oversaw its execution did not follow industry “best practices.” These issues could create problems for your chosen executor when he/she seeks to probate the will.
Donating to charity your IRA distributions can be an excellent way to both support causes that are meaningful to you and reduce your taxes. Fortunately, a provision of the Internal Revenue Code, which gives donor’s a significant tax benefit, was made permanent at the end of 2015 so individuals can now take advantage of the rules as an integral part of their tax and estate planning.
Under New York law, a trustee can modify an irrevocable trust in certain situations. The process, called “decanting,” permits alteration of a trust by “pouring” the existing (invaded) trust into a new trust. This gives the trustee surprising flexibility to create a new trust that will better accommodate changed circumstances, notwithstanding that the trust is irrevocable.
Executors are responsible for handling the administration of an estate until it is “settled” or closed. Once the assets have been marshaled, bills have been paid, specific bequests distributed, and any outstanding issues resolved, the fiduciary (the executor or administrator) must prepare an “accounting.” An accounting must be done before the estate’s remaining assets (called the “residuary”) can be distributed to beneficiaries and before the executor will be released from all claims regarding the administration of the estate.
One of the responsibilities of an estate executor or administrator is dealing with beneficiaries of an estate. What appears to be a straightforward task can be complicated when the executor is contacted by someone who claims to hold a power of attorney (POA) for a beneficiary of the estate (also known as an “attorney-in-fact”). An attorney-in-fact is typically involved when a beneficiary is elderly or disabled and cannot act on his/her own behalf. There are special rules in place for New York executors when they deal with an attorney-in-fact. They cannot necessarily recognize the POA unless certain requirements are met.
Increasingly, individuals are accumulating digital assets that they may want to pass on after their death. Social media accounts, websites, online libraries of content and the like can often be inherited like any other asset. Accordingly, individuals working on their estate planning should address how they want the executor of their estate to handle such assets in order to avoid complications after their death.
A will is an important document needed to ensure that your loved ones are taken care of in a manner that you see fit. However, it’s not enough to prepare and execute a will. Important steps must be taken to safeguard your will and estate plan is actually carried out as you intend. One easily overlooked step, but which a former colleague turned Court attorney assures me comes up frequently, is securing the whereabouts of your original will and leaving behind appropriate information to aid those who will be handling your estate.