Generally, attorneys have the witnesses to a will’s execution sign an affidavit attesting to witnessing the execution. While this isn’t a requirement, in New York and many other jurisdictions, this affidavit can be submitted in lieu of the court hearing the witness’s testimony. This accommodation saves the estate time and money by not requiring hearings … Read more
Health care providers such as doctors have certain legal obligations to maintain patient records. What some of them may not realize is that this obligation continues after their death. Ideally, doctors should have a succession plan that includes provisions for what happens to patient files after they die. In the absence of that, it becomes … Read more
Life insurance is a necessary part of any well-considered estate plan. A term life policy that covers you for a certain number of years can help ensure money is available to your beneficiaries to pay expenses after your death. Whole life coverage provides a guaranteed death benefit as well as offering lifetime benefits through access … Read more
The failure of several banks in the last year caused many to question whether their money was protected if their bank went under. FDIC insurance is available up to a certain limit and not just for individual accounts. Almost all funded trusts have bank accounts that are insured by the FDIC. However, the amount of … Read more
If you have multiple children, it is not uncommon to consider appointing more than one to act as co-executors of your will. As co-executors, they would manage estate affairs together. In some cases, this is a great decision while in others, it can lead to unintended consequences. If you want to name co-executors, it is … Read more
An estate plan is more than just a term for end-of-life planning. It encompasses many decisions that can affect you during your life as well. While all of us would like to live a long and healthy life, the unfortunate reality is that people in the United States have a higher chance of dying before … Read more
As a general rule, you do not need to be perfect or flawless to inherit under someone’s will. If someone includes you in their will, you are entitled to your bequest, even if other people or the Court do not agree with the decision. The court’s goal is to determine and carry out the intent … Read more
Much of estate planning is built around how best to use assets accumulated during life to benefit future generations and other dependents. However, what happens if one of your beneficiaries needs assets during your lifetime? The fact that your beneficiary will inherit $100,000 at some point in the future is little comfort in the face … Read more
Adults can provide instructions in their will regarding disposition of their remains or designate a person in their will who will make that decision. However, many people die without a will. In that situation, who decides what happens to your body when you die? Who Decides How Your Remains Are Disposed of When You Die … Read more
When developing your estate plan, it is important to provide your lawyer with information on all of your financial assets. This is because executing a will is not sufficient to dispose of certain assets, known as “non-probate assets.” Such assets are not controlled by the terms of your will but must be considered in your … Read more