What happens if you die with no will in New York? You may assume that without a will, everything takes care of itself. It’s true that New York law will enter the picture, but the default outcome may not align with your expectations. Understanding Intestacy Dying without a will means dying intestate. When that happens, […]
estate administration
Living Trust Successor Trustee Selection Checklist
Many people in Manhattan choose a living trust because it provides privacy, flexibility, and smoother management of assets. Once you take that step, the next decision is just as important: who will carry out your instructions when you cannot? The person you name as your living trust successor trustee can make the difference between a […]
The Drawbacks of NY Probate: Time, Money, and PrivacyÂ
Probate is the court-supervised process that takes place after you pass away. It involves proving the validity of your will, identifying your assets, paying debts and taxes, and distributing what’s left to your beneficiaries. While it may sound straightforward, NY probate can be time-consuming, costly, and invasive. If you want your loved ones to have […]
Include a Letter of Final Instruction in Your Estate Plan
Planning your estate involves more than just drafting a will or establishing a trust. A crucial but often overlooked document in this process is the letter of final instruction. This letter provides practical information your executor and trustee will need to complete their tasks efficiently. Let’s delve into the value of this document and why […]
Avoid Probate to Preserve Your Privacy
Estate planning ensures that your assets are distributed according to your wishes, but there are nuances. One aspect that is often overlooked is how probate can impact your privacy. Probate is a public process, meaning anyone can access details about your estate. Fortunately, there is a solution in the form of a revocable living trust. […]
Vacation Home Owners: Are You Exposed to Ancillary Probate?
Owning a vacation home can be a dream come true. It offers a private getaway where cherished memories with family and friends can be made and a potential source of rental income. However, while the benefits are plentiful, significant complexities, especially in estate planning, can arise. Let’s explore the advantages of vacation home ownership and […]
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