When parents work hard to acquire their dream home, they may worry how to ensure their hard work will benefit their intended heirs. While there may always be a risk of one's final wishes being contested, there are some measures that may help prevent certain estate litigation efforts. There are many tools available to New York residents that may ensure peace of mind.
No one relishes the idea of contemplating one's own demise. Unfortunately, there is no avoiding this eventuality, and heirs may have one less worry with careful planning that can reduce the risk of estate litigation. New York has laws that apply to estate planning that can aid one in creating plans that will best fit each unique family's needs.
For years, the main reason many New York residents would undertake estate planning was to safeguard their assets from taxes. In the past few years, there may be another pressing need to ensure that one is not vulnerable to estate litigation, and that is the issue of addiction. There are some steps that one may be able to take in order to plan for how this sensitive problem may be addressed.
The death of a loved one or close friend can be not only an emotionally difficult time but can also result in other challenges if one has been selected as the executor of an estate. Though New York has its own laws and procedures for preparing an estate for the probate process, there may still be some difficulty concerning certain estate matters. According to some who work in a probate office, some banking institutions are hindering the opening of estate accounts.
There are many responsibilities that are required of an executor of an estate. If there are any short cuts or mistakes made in the process, then one could possibly provide an opportunity for an individual or a creditor to pursue estate litigation attempts. New York residents who are seeking to finalize their estate plans may benefit from carefully reviewing the abilities of the individual or company that he or she is considering asking to handle their final affairs.
The decision to safeguard one's estate by the use of carefully established trust accounts may be the first step when one enters into the estate planning process. However, selecting who will be in charge of managing these accounts may make all the difference if one hopes to avoid some trust litigation issues. New York residents who are contemplating setting up these accounts may wish to seek more information regarding the role that a trustee plays.
Even though it may be an unpleasant task, contemplating one's demise is a human tendency. However, making plans for what happens to one's estate after he or she is gone could ease some anxieties while also possibly forestalling estate litigation by disgruntled family members or other interested parties. New York residents may benefit from reviewing their current plans or taking steps to ensure their wishes are met if they have not done so already.
While no one likes to ponder his or her own demise, there are times when careful consideration can save heartache and money for those loved ones left behind. While even the most careful plans cannot prevent all estate litigation attempts, having detailed documents in place can go a long way toward preserving one's legacy. Like every state, New York has laws in place that can help one plan effectively to avoid the probate process.
Fans of the Lord of the Rings movies may have reason to rejoice in the days ahead. The estate litigation between the Tolkien family and Warner Bros. studio has finally been settled. Movie goers in New York and elsewhere may now have a future feature film to look forward to in the months ahead.
One of the most important decisions one makes is deciding on an estate plan that best fits one's needs. If setting up a trust is chosen, then the careful selection of fiduciaries to manage the trust may help offset the possibility of trust and estate litigation. In New York, an experienced estate planning attorney can provide ongoing assistance in this regard.