Trust, but verify. That's an adage that comes to us from Russia. Ronald Reagan made it famous during his presidency, using it often in connection with nuclear disarmament talks.
Most of the time, relatives of a decedent bear no responsibility for debt owed by that person. However, the existence of such debt does create the potential risk of reducing the value of the estate and how much heirs receive. That's because debts of the deceased are paid for from the estate before distribution.
Many in New York City don't have wills. Few have any valid excuse for being in that situation. If you work, are investing money for retirement and care for the welfare of your family, you should have a plan. If you have complex assets, it is even more important to create a plan. If you are one of those who has good planning intention but hasn't followed through, it's time to get a move on.
It's an honor to be named executor of a will, but it's also hard work. While most executors understand their role, there can be a lot of confusion when it comes down to getting things done. Unless you work in the legal industry, the order of the process, the different types of paperwork and all of the loose ends can be difficult to manage.
Many people in Brooklyn do not give much consideration to who they choose to act as their estate executors. They choose family members and friends because they do not believe they will ever need them to fulfill those roles, and they are not aware of what is involved. Executor designations are not decisions that should be made lightly. It is important for you to choose someone you know and believe will act in good faith on your behalf. Here are some things you should consider when choosing an executor for your estate.
Most people in New York and across the country offer assistance to their loved ones as they age. From offering help doing daily chores to finding affordable health care options, there are a countless number of ways in which we can offer our loved ones help during a time in their lives when they perhaps need it the most.
In our last post, we began a discussion about the possibility of disclaiming an inheritance. Popular culture generally treats the concept of inheritance as a welcome one. When loved ones pass away and leave their friends and family gifts of money, property or other assets, popular culture tends to portray these gifts as meaningful and inviting. In reality, familial relationships are complex. And regardless of whether or not the loved one who has died was beloved and will be missed, a host of reasons may inspire an individual to attempt to disclaim any given inheritance.
Frequent visitors to our blog are likely aware of how important estate planning can be. Not only can this process help you to ensure that your wishes regarding property are known in the event of your death, this process can also help to ensure that your medical wishes and end-of-life care preferences are known as well. It can help you guard your property against certain taxes after your death and it can help to ensure that your wealth is distributed in accordance with your priorities and values.
A power of attorney document allows an individual to name another individual as his or her agent. Should the individual executing the power of attorney document become unable to make his or her own decisions, the agent may legally make decisions for that individual. Depending on the scope of the contract, the agent may be able to make medical decisions, financial decisions and other important decisions on behalf of the individual named within the contract.