On December 15th, 2020, Governor Cuomo signed into law legislation substantially amending the New York General Obligations Law, which is the law that governs powers of attorney in New York. Effective June 13th, 2021, the new law, among other things, modifies the form of a power of attorney. The new form must be used beginning…
By Salvatore M. Di Costanzo In certain circumstances, a revocable living trust must be strongly considered. To determine if a revocable living trust is an appropriate necessity, one must first understand its purpose. Unlike a Last Will and Testament (“Will”), a revocable living trust does not need to be probated upon one’s death. Probate is…
When I meet with people for the first time who are interested in estate planning, their focus is usually on after-death planning. Whether their concern is minimizing estate taxes, planning for minor or spendthrift children, or simply passing assets to the next generation as quickly and efficiently as possible, nearly every meeting begins with a…
If properly drafted and executed, certain New York estate planning documents, such as a Last Will and Testament (“Will”) or a trust should be recognized outside of New York. For instance, if you sign a Will while present in New York and follow the proper formalities of a Will execution (e.g. at least two witnesses,…
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…
I’m leaving for vacation. Can I write my last wishes on paper in case something happens? This is referred to as a holographic will. In the context of estate planning, holographic means something that is handwritten. Under New York law, a will is holographic when it is written entirely in the handwriting of the testator…
Co-Authored by Joanna C. Feldman, Esq. Do you understand who will inherit your Estate if you die without a Will? We recently read an article about a multi-millionaire who died without having executed a Last Will and Testament (“Will”). Certain members of his extended family, with whom he likely had little to no relationship, inherited…
