What is a Public Administrator?
The Public Administrator is one of a chosen group of attorneys in one office per county who the Court often calls upon to administer to non-standard cases.The Public Administrator generally has the job of handling estates of people who die without a Will and who have no close relatives who are able to administer...
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Is an Irrevocable Trust really that Irrevocable?
The word “Irrevocable” usually implies no ability to change. Most people believe that the Trustee is required to adhere to the wishes of the Trust’s creator, even though the times and circumstances have changed. Nonetheless, that is no longer true in the case of New York State.There are two circumstances where an Irrevocable Trust...
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Will Anyone Respect Your Wishes?
An incredible book that I read in the past year was “Being Mortal: Medicine and What Matters in the End” by Dr. Atul Gawande. The book is a discussion of the state of American medicine as it relates to end-of-life care. Mr. Gawande argues that doctors often cause more suffering to patients by...
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Be very careful about titling assets – you could disinherit your children!
I received a call this month from a man who wanted to receive his share of his father’s building. The property had a value of approximately $4MM. There were 5 children in total, 2 from father’s first marriage (one of whom was this client) and 3 from father’ second marriage. The caller could not understand why,...
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Are Heirs Responsible for Decedent’s Debts?
According to the most recent data from Credit.com, 73% of consumers had outstanding debt when they were reported as dead, with the average total balance of $62K. Debts included home loans, credit cards, auto loans, personal loans and student loans. An estate is responsible to pay the deceased person’s debts. If there is sufficient...
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What is the right age to get a Power of Attorney?
My answer to this question is always the same: 18! Before you turn 18, your parents are legally responsible for you and can make legal decisions on your behalf. After you turn 18, NO ONE can do that. It comes as a huge shock to most of my clients, but in the event...
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Update your estate documents – or face unpleasant surprises!
In a recent case that I saw, a woman lived together with a man for approximately 10 years. She loved him very much and wrote a Will, leaving all of her assets to him. They never married. Eventually, the couple separated. After a couple of years, the woman began dating another man. Yet she...
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Main Reasons Why Families Fight Over Estates
1. Location of Siblings. It is often the case that one sibling provides care and support for an aging parent, while other siblings are distant (either physically or psychologically). While the local sibling provides support, that same sibling may also control the parent’s finances. The same sibling may also bring the parent to an...
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Top 3 Estate Battles of 2016
In 2016, several well-known families had well-publicized fights about estates. These disputes should teach everyone to take action and be aware of their estate plan while they have mental capacity!PrincePop artist Prince died in April 2016 without a Will. Since his death, at least 30 individuals have come forward claiming to be Prince’s children,...
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Do your plans for 2017 include estate planning? Below are 5 tips to consider!
Schedule a family meeting to discuss your assets and your wishes with them. Create an inventory of your assets and share it with your family. Don’t leave your family in the position of scrambling in their search for documents and assets in the future!Consider giving your children and your spouse passwords to your digital...
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