If you are weighing your estate planning options, a spendthrift trust can be very useful during your lifetime and beyond. While not everyone will need this type of trust, spendthrift trusts have many advantages. Don’t let the name deter you from exploring this...
Estate Planning
How can you disinherit someone in your estate plan?
Your estate plan or will provide instructions about managing your needs and handing out your assets. Many people planning their estate want to leave in equal inheritance to each of their children. Others want to leave specific, meaningful resources or assets for each...
Why do families fight over inheritance?
Although estate planning can be a tricky subject to cover, it is fundamental to your well-being as well as the security of your family members. A lack of an estate plan can cause great uncertainty as you get older, which can lead to disputes among your loved ones. ...
How to get the most out of your estate plan
Thinking about what might happen in the event of your death can be a daunting task. Nevertheless, it is a crucial endeavor that can provide security for those who you value most. There are a number of common mistakes that may occur during the estate plan process. Most...
Who inherits your assets when you die without a will in New York?
Your last will and testament or estate plan explain how your loved ones should hand out your property when you die. Some people tell their executor to sell off most of their assets and share the proceeds among their beneficiaries. Others will leave instructions to...
What kinds of powers of attorney can you have in New York?
Estate planning may start with a simple will, but it doesn’t end there -- not when it’s designed to be effective. Some of the most powerful legal tools you have at your disposal are powers of attorney (POAs). Here are the basics you should know about how they figure...
5 things that will slow down the New York probate process
It’s tough to think about your own death, but you want your passing to be as gentle as possible for your loved ones when that time comes. That means making sure you have the most effective estate plan possible. Unfortunately, mistakes in your estate planning process...
Crucial estate plan updates you need to make after divorce
If you are going through a divorce, updating your estate becomes a key part of moving on with your life. According to the law, you are legally married until the judge signs the final divorce decree. Thus, should you pass on before finalizing the divorce process, your...
Major life changes that require an update on your estate plan
So you have created a comprehensive estate plan that outlines how you wish to have your assets distributed when you pass on? Congratulations! That’s just the start, however. To remain effective and reflective of your wishes, you are going to need to review and revise...
Avoid these 3 estate planning mistakes
Many people set their ideas on a specific estate planning tool, such as an incentive trust or offshore trust, because someone they know uses one or because they have read good things about them in the press. That is a mistake. There is no standard way to make an...