There are many reasons why an individual should consider some sort of estate plan to avoid dying intestate. Four of the key reasons why you do not want to die intestate include the following: A family fight over assets: If you pass away without a will or some other estate planning document, New York State […]
A living trust is also known as an inter vivos trust or a revocable trust. It is a trust that is made during your lifetime and involves transferring assets into the trust and naming a trustee to manage those assets. Usually, the trust creator or settlor is the initial trustee and a backup trustee is […]
Special needs trusts are essential when a person with disabilities has assets to protect and when that person’s parents are considering their estate plan. Whether the person with the disability has funds, receives funds from a personal injury settlement, or receives funds and property as a gift, the money must be managed carefully. Special needs […]
You have been named Executor under your family member’s will. Now what? In order for you to have any authority as an Executor, you will need to obtain official authority from a Court appointing you Executor. This authority will be granted by what are known as Letters Testamentary. To get these Letters Testamentary, a petition […]