Authorizing a person to have power of attorney is a crucial part of both estate and long-term care planning. Giving someone power of attorney is equivalent to giving them the reins to your estate or health. It is a huge responsibility for anyone to undertake. If you...
When you are in your twenties or early thirties, building your career and enjoying the freedom of a single life, estate planning might seem irrelevant. It is a common misconception that only married couples or older individuals must concern themselves with such...
Selecting the right trustee is crucial when setting up a trust in New York. This person or entity must manage your assets and carry out your wishes. A trustee's role is complex and requires careful consideration. Understanding the qualities of an effective trustee can...
Choosing people you trust to make decisions on your behalf if you are no longer able to make your own is an essential step in the estate planning process. You may do this by creating powers of attorney (sometimes referred to as POAs). There are several types of POAs...
Despite its importance, as we have spoken about before, many New Yorkers are still neglecting estate planning. But, why? We all know we will die someday, and we all know that those that we leave behind will have to deal with what and who we leave behind. Why are New...
When you’re dealing with an extensive amount of wealth, you want to make sure that your estate plan is detailed, thorough, and legally enforceable. If you leave gaps in your estate plan, or you make a devastating error, then your hard-earned assets could end up in the...
New York residents may avoid estate planning for a wide variety of reasons, but the difficult and archaic-sounding terms involved can be one off-putting reason. “Intestate” is one of those terms. So, what does it mean to die intestate? 'Intestate' defined Quite...
You may have heard that you need to create an estate plan but have no idea where to start. There are several estate planning tools to choose from, but many New York estate plans contain the following documents. Wills A will is often considered the most important...
A will essentially serves as instructions for distributing your assets after you are gone. To ensure that your will is legally binding, you should make sure that it meets all state requirements. Under New York estate laws, a will must meet the following requirements:...
It is likely that the vast majority of people in New York who draft an estate plan do so with the intent to leave their assets to their children. In essence, the estate plan is a way to lessen the burden of the transfer of assets to the children, or to make sure that...