Not everyone can shoulder the heavy responsibilities of an executor when the time comes. Perhaps you’ve realized that the tasks exceed your capabilities or that your current situation may make it challenging to meet the demands of the role. Whether it is a health...
Estate Planning
Why estate planning is essential for high-net-worth individuals
Two out of three adults in the United States have no established estate plan. This startling statistic can have severe implications for grieving families of individuals with high net worths. Suppose you have a significant amount of assets. In that case, estate...
What are the will limitations in New York?
A will can be a vital component of your estate plan, especially if you want to solidify your wishes involving your estate after your death. However, this document can have limitations, depending on state law. Different restrictions or limitations in New York can...
What makes having an advance medical directive important?
Understandably, many New York residents value the peace of mind provided by advance medical directives. These directives let you detail medical-related instructions if you're incapacitated or communication is otherwise impossible. Having such control benefits you and...
What is a successor trustee?
When setting up a revocable living trust, you may need to review vital details, including the other parties essential to the arrangement. These appointments can vary depending on the trust's features and your preferences. Sometimes, it is easy to decide who to assign...
When should you appoint a power of attorney?
Your journey through life is a series of wins and losses. Through these ups and downs, you gather not just invaluable experiences and lessons that are uniquely yours, but tangible wealth as well. However, there can be situations where you might suddenly find yourself...
Does your estate plan need a trust?
People who anticipate their passing may want to try and make it easier on their friends and relatives. An estate plan can help detail how a testator wishes their assets were distributed after their death. The main legal document in an estate plan is a will, which...
Should you challenge a will?
A will is a legal document that instructs a testator’s last wishes. Testators include the names of their beneficiaries, amount or percentages of their assets for distribution and appoint executors in their wills. When the testator passes away, the executor is...
When should you change your executor?
Your executor plays an integral part in your estate plan, as they will carry out all the wishes you lay down. But your chosen party may not assume their duties - you may need to choose another person later. When should you change your executor? Your executor...
Overcoming family dynamics when creating an estate plan
Disagreements and conflicts between family members aren't uncommon. However, it can make it harder to decide who should get your New York home or who should serve as the executor of your estate. It may be possible to navigate family dynamics as they relate to your...