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...
Estate Planning
What does it mean to die intestate?
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...
Which documents should be included in my estate plan?
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...
What are the requirements for a valid will in New York?
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:...
Are you thinking about your kids when estate planning?
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...
Can your New York estate plan have both a will and a trust?
As the year comes to a close, New Yorkers are not only thinking about their resolutions for the coming year. With family gatherings during the winter holidays, it is important to think about the future and how to protect your assets and care for loved ones. Estate...
Is it possible to avoid probate with a trust?
The probate litigation process can be long, time-consuming, expensive and very public. Sometimes it can lead to contentious litigation that can rip apart families. In New York, depending on your estate planning goals, you very well could avoid probate entirely with a...
Is a guardian the best option if I become incapacitated?
Even if you have an estate plan, you may not have planned for incapacitation and unable to make decisions for yourself. If you are in a coma, for example, who would pay the bills or manage your business? Who would make your health care decisions? And, if you have...
How to talk to your aging parents about estate planning
As your parents age, you might find yourself concerned about their final arrangements, especially whether they have an effective estate plan. This is an understandable concern. After all, your parents have worked hard to generate their wealth, and you want to ensure...
Making wishes clear is key with a health care proxy
When New Yorkers think about estate planning, they might automatically focus on wills or trusts. However, there are other aspects of estate planning that can also be important. For people who are concerned about what will happen if they are unable to make health care...