When someone nominates you as the Executor of their Last Will and Testament (“Will”), you are not obligated to accept such nomination. In fact, until the Will is probated, you are only a nominated Executor. Your nomination becomes official once the Surrogate’s Court admits the Will to probate and is represented by a piece of…
by Salvatore M. Di Costanzo, Esq., and Joanna C. Feldman, Esq. Regardless of whether your estate plan is basic or complex, it is important to review the plan every few years for reasons that include life events and changes in laws and/or regulations. Life Events Estate plans can change drastically upon the occurrence of certain…
Co-Authored by Joanna C. Feldman Many people ask whether – or even why – they need a Last Will and Testament (“Will”) if they designate beneficiaries to inherit their assets upon their death. In some cases, designating beneficiaries on all assets may be appropriate. In other cases, however, unintended complications can arise. In all cases,…
The nomenclature used to title accounts can be daunting and quite frankly downright confusing. After creating trusts for our clients, we review our client’s financial accounts and advise them as to which accounts need to be transferred to the trust. It is a common misconception that accounts “in trust for” another individual are in a…
Co-authored by Joanna C. Feldman This is a question that often comes up in the midst of the grief of losing a loved one. The thought of having to deal with bureaucracy, attorneys and Courts can be overwhelming. The first step is to determine – to the extent that you’re able – whether your sister…
Remember, the purpose of a revocable trust is to avoid probate and following fact patterns make it a necessity to use a revocable trust. Owning property outside of New York State If you own property outside of New York State in your individual name, a proceeding must be commenced in the other state to transfer…
Actually, yes! When someone dies, the first step is to determine if the decedent owned any assets individually, meaning there were assets with no joint owner or designated beneficiary. A very common fact pattern is where a surviving spouse dies owning a house. Once it is determined that individually owned assets exist, someone needs to…
Assuming by your question that you are a beneficiary of your parent’s estate, you are entitled to certain information. For instance, where the Estate is not required to file an estate tax return, an Executor must file an Inventory of Assets with the Court within six months of his appointment. Where the Executor is prepared…
The answer to this question is dependent on the County you live in. Regardless, the probate process can take quite some time and delay the distribution of assets to your heirs. The probate process begins by retaining us to prepare certain documents that must be filed with the Surrogate’s Court in the County where the…
