5 Common Estate Planning Mistakes You Need to Avoid
Estate planning can be a complex and emotional process, but it's also one of the most important steps you can take to protect your loved ones and your assets. Unfortunately, many people make common mistakes when creating their estate plans, which can lead to...
Valuation of A Business During the Probate Process
If you are going through the probate process in New York, one of the things that you will need to do is value any businesses owned by the deceased. This can be a tricky process, as businesses can depreciate in value quickly. However, with the help of a New York...
The Best Legal Structure for Your Business
What You Need to Know The way your business is organized legally is called its business structure. This defines how your business will operate and be taxed. The four most common types of businesses structures are sole proprietorships, partnerships, limited liability...
Elements of an Estate Plan
Introduction If you live in New York, you need to have an estate plan. This is true whether you are young or old, single or married. An estate plan is not just for wealthy people. Everyone can benefit from having an estate plan. An estate plan is a set of documents...
Waivers and Consent – What You Need to Know
When someone petitions the court to become the Personal Representative of an estate, they must send a Waiver and Consent to interested parties. This document requests that the signer waive any right to become the personal representative and consent to the named...
What Happens to Their Property When a Loved One Passes Away Without a Will?
If a loved one passes away without a will, their property will be subject to New York's estate administration process. This is similar, but distinct from, the probate process. This means that a court will oversee the distribution of their assets. The court will...
Will vs Trust: All You Need to Know
When it comes to estate planning, many people are confused about the difference between a will and a trust. Simply put, a will is a document that outlines your wishes for your estate after you die, while a trust is a legal entity that can hold assets on your behalf.We...
What Does a Probate Lawyer Do?
When a person passes away, their assets must be disbursed in a manner consistent with state laws and following the directions they put forth when they were alive, as stated in their will. A probate lawyer guides the executor of will or beneficiaries of an estate...
New York Probate Timeline
Probate is the process by which a will is presented in court for a judge to determine its validity, to appoint and empower an Executor with Letters Testamentary to pay off the Testator's debts and distribute their property and possessions to their beneficiaries. The...