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Does The Durable Power Of Attorney Permit Agent To Make Gifts To Themselves?

The default provisions in a Power of Attorney in New York provide that the agent may make gifts to any persons (including agent), charities, or organizations not to exceed the sum of $500.00 for any calendar year. This provision can place limitations on the ability of the agent to engage in proper estate planning on Read on…

What Happens If A Will Beneficiary Passes Away?

New York estate law has adopted and implemented an anti-lapse statute. This law is designed for situation where the beneficiary under the terms of a Will dies before the person who executed the Will, known as the testator. The anti-lapse statute was enacted to balance the equities of the wishes of the testator versus the Read on…

When Should You Contest The Inventory Of Your Intestate Share?

When a person dies intestate (without a will), statutory law determines how that person’s estate will be distributed. Essentially, the assets are divided according to who is that person’s next of kin. Once necessary funeral expenses, estate administration costs, debts, and taxes of the decedent and estate are paid (i.e. final income taxes (IRS 1040), Read on…

What Is The Difference Between A Power Of Attorney (POA) And Executor?

Quite often, clients (or potential clients) do not fully comprehend the role of both the agent appointed under a Power of Attorney and that of an Executor. Or more importantly, when the role of the agent under that power of attorney ceases. Typically, people sign what is known in New York as a Durable Power Read on…

How To Find An Executor For My Will?

The fact that you are contemplating an executor for your Will signifies that you have taken the first step on taking control of your estates when you pass away. Remember that if you don’t have a validly executed Will when you pass away, the laws of intestacy will decide who inherits your estate. In order Read on…

How To Avoid Probate On Bank Accounts

There are various methods by which one can avoid having their assets await the outcome of a probate proceeding. This time frame can increase in the event that one of the interested parties to such a proceeding decides to contest the will. One of the simpler assets that should always be structured to avoid probate Read on…

What If The Will Maker (Testator) Becomes Incompetent, Does That Invalidate The Will?

When a will is executed in New York State, one of the requirements of a validly executed will is that the person who is signing the Will (testator) possesses testamentary capacity. But what if the person who created the Will becomes incompetent? Does that invalidate the Will? When is a Will not valid? It is Read on…

Do I Have To Draft A New Will If I Move To Another State?

Do you need to draft a new Will if you move to a different state? This question often occurs when one has a New York Will but is moving to another state. The simple answer is – it depends. In most cases, Wills that are executed in New York will comport to the estate and Read on…

Estate Administration: What To Expect When Settling An Estate

The question as to what to expect when settling an estate cannot be simply answered in one blog. But there are some factors to consider if you are appointed as a fiduciary of an estate. The first key question is whether the decedent had a Will or not, and if there is a Will, you Read on…

Do I Need To Draft A New Will If I Move From New York To Another State?

The short answer to this questions is “it depends”. As a rule of thumb, I advise clients that if they move from one state to another, it is a good idea to update their will. The reason for this is that a will that was drafted and executed in another state will only be valid Read on…