An individual’s estate plan should include legal documents that authorize a person of your choosing to make the necessary financial and health care decisions for you in the event you are unable to make your own decisions. Every adult individual…
Whether we like to admit it or not, our children do not stay young forever. They grow up, move away for college and sometimes chose to pursue a career in a different state. Up until your child reaches age 18,…
As we age, we are taught that it is important to have a will. Some of us even recognize the value of having a Durable Power of Attorney, Health Care Proxy, Living Will, and Living Trusts. However, there could be…
Occasionally, there are certain provisions that people often forget to include in their will or estate plan that could end up having a big impact on their loved ones. Whether you have completed your estate plan or not, do not…
When speaking with a potential new client about coming in to complete planning, we always discuss any advance planning they may have already completed. Often times when they already have advance directives and a will, they think it is a…
People often say that you only need an estate plan if you have a lot of money and/or a lot of assets. That statement is not necessarily true.
Reason 1: An estate plan is also important for medical and simple financial decisions, especially for a spouse in the event of disability or incapacity. It makes the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the parties that have the legal right to notice will be informed of this proceeding. This will give them a chance to accept or object to the approval of the will.
A recent meeting with one of my clients caused me to think about what it means to contest a will. Some people have misconceptions about who can mount a challenge to a person’s will or estate plan, and how those documents can be protected from such a challenge.
Only spouses and children (known as legal heirs) have the right to challenge a will or estate plan under New York law. For example, if I was married with three children, my wife, and three children would be my legal heirs. I would still be free to leave my assets to whomever I wish, but my heirs will always have a legal right to contest the will.
Oftentimes when creating an estate plan, it is requested that a family member or friend be disinherited. There are many reasons why one would chose to disinherit someone. Perhaps the person creating the estate plan has already provided the family member or friend with gifts during his or her lifetime. Perhaps he or she wants to avoid disqualifying the person from government benefits. There might have been a falling out between the individuals. Or there might be tax reasons for wanting to disinherit.
No matter what the reason is, it is important to understand the potential pitfalls of disinheriting someone.
A lot of changes can occur over the course of one year, let alone the many years it may have been since you have last reviewed your Estate Plan.
Some factors that can effect your estate plan include:
What good is a plan if it does not comply with your wishes and current situation?