Inheriting certain kinds of property could seem like a major personal boon, which is why testators might consider passing a home to one person. For someone without the income to put together a down payment on a home, receiving a house from someone's estate could...
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Estate Administration & Probate
Why is there a delay in probate before distributing assets?
In theory, the inheritance that family members receive can be a source of comfort as they adjust to the reality of having lost someone that they love. People may expect to move into a loved one's home shortly after their funeral, for example. In practice, there is...
2 serious financial risks to avoid during estate administration
You probably carefully considered the social consequences of serving as an executor before you accepted the position. The size of the estate and the relationship you had with the testator can influence your willingness to take on this substantial responsibility. Most...
Potential reasons people don’t make estate plans
As you grow older, you likely become more and more aware of the need for an estate plan. Part of this is just the fact that you're Gathering more assets, and you're thinking about what's going to happen to those assets and how it's going to impact your family. What...
3 ways to protect your role as executor from challenges
Serving as executor is a demanding job, but it comes with certain benefits. You know that there will be adequate care taken while handling the estate of the deceased party. You can receive compensation from the estate for the services that you provide. Still, someone...
Does your estate plan address debts as you age?
Estate planning often includes thinking about your golden years carefully. If you have saved for much of your adult life for your retirement, you may have resources set aside to cover your cost of living expenses and no debt. Careful financial planning might mean that...
3 times your family may need to challenge an estate administrator
A person becomes the administrator of an estate in one of two ways. The deceased individual may have named them as their executor long ago when they drafted their estate plan. If they did not, then the probate courts may appoint someone to serve as the representative...
Does a New York estate with a house have to go through probate?
Someone's home might represent years of investment. Many people pay as much as a third of their income for their mortgage every month, making their home their biggest overall asset. Many people in New York want to pass their home or other real estate holdings on to...
Why do I need a power of attorney?
What does the future hold? No one can say with any certainty. We can hope for the best and plan for the worst, as they say, but we never really know what will happen. This is why you may want to add a power of attorney to your estate plan. The rest of your plan is...
When will you need to pay estate taxes in New York?
Probate administration is a heavy burden to bear. At the same time that you are grieving the loss of a loved one, you simultaneously have to handle legal and financial matters for them. Locating and distributing their property, as well as handling their business and...