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Estate planning might not be the most thrilling topic to discuss, but it's a vital conversation that can save your loved ones a lot of stress and confusion in the future. Without it, you risk leaving behind a legacy of legal battles and strained relationships. This...
If you die with or without a will and your estate includes property outside New York, your loved ones must go through a separate probate proceeding in each state where the property is located. This is known as ancillary probate, which can be expensive and...
Many individuals believe that once their estate planning documents are in place, they can set them aside and forget about them. However, it’s not the case. Your estate plans should change as your life circumstances change. Otherwise, you risk various unintended...
If you’re creating an estate plan, you need to determine what options you should use to pass assets down to your beneficiaries. One of these is a trust, which is a legal tool that holds your assets until you pass away. At that point, the assets are passed to your...
If you have a minor child, it's crucial to draft a guardianship designation when estate planning to plan their future. With this document, you can name a party that will raise your child when you are unable to. Below are four elements to consider when picking a...
You can use an estate plan to anticipate your passing and plan how your remaining assets are handled -- but a lot of people don't have them in place. If you're starting to think about your own mortality and how you want the future to play out, you may be a step ahead...
If you are contemplating your estate plan, one useful vehicle for many New Yorkers is a spendthrift trust. While not every trust grantor will need this type of trust for their beneficiaries, they can be useful for preventing problems after you are gone. Below is some...
A key part of estate planning for those with minor children is setting up a guardianship. Many young parents do this as soon as they have their first child. They don’t expect to pass away suddenly, but they want to know that someone will be there to raise the child if...
Most people in the United States have not yet gotten around to making an estate plan. The majority of them will still tell you that estate planning is important and beneficial. But, despite this perspective, they don’t have a plan at this time – about 2/3 of Americans...
It may have been several years since you first made your estate plan. If that is true, then your estate plan is likely long due for a review. It is often recommended to revisit and, if necessary, update your estate plan every 3 to 5 years. This is typically how long...