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Estate Planning

What Happens To A Bank Account When Someone Dies Without A Will?

When the owner of a bank account dies and that account holder did not have a Last Will and Testament, there are a few possible scenarios that can occur. If the account holder was the sole owner of the account and did not have any beneficiary or did not have the account “in trust for” Read on…

5 Most Important Things To Look For When Selecting An Executor

When drafting your last will and testament, one of the most important components of the will is who is going to be the person who oversees your affairs when you pass away. In short, who do you want to select to be your executor. This is one of the reasons it is crucial to have Read on…

The Risks of DIY Estate Planning

With the advent of the internet and the age of information, people may believe that by conducting a simple Google (or other search engine) search, they can effectively and properly produce an estate planning that satisfies their needs and the needs of their family. In most cases, the risks of such estate planning without the Read on…

Estate Planning Tips for Single People

For the single person, proper estate planning is just as important as it is for those who are married. A single person may also have children but does not reside with a partner. Nonetheless, single people should be mindful or the importance and necessity of a proper estate planning structure for their future. It is Read on…

What Is Undue Influence And Why Does It Matter?

As set forth in the New York Estates, Powers, and Trusts Law (EPTL), an interested party may object to a Last Will and Testament being offered for probate on the basis of undue influence exerted upon the Testator (the person who signed the Will). If it is determined that an interested party or family member Read on…

Do You Need To Update Your Power of Attorney?

As with any documents concerning your estate or incapacity, it is often quite prudent to review these papers at regular time intervals, especially when there is a change in life circumstances (i.e. marriage, birth, death, relocation). The Durable Power of Attorney (POA) in New York is no exception. As previously stated in prior blogs, the Read on…

How Does An IRA Fit Into My Estate Planning?

Most IRAs, whether traditional or Roth IRAs, play a key role in estate planning. As long as an IRA has a named beneficiary, when the account holder passes away, the beneficiary will receive the proceeds of the IRA by operation of law. All that would need to be provided to the financial institution where the Read on…

If I Don’t Have An Estate, Do I Really Need An Estate Plan?

The question often arises as to whether an estate plan is necessary if you don’t believe you have an estate. The fact is that most people, whether they realize it or not, actually do have an estate. Real property aside, you may have checking accounts, savings accounts, IRA, pensions, or other financial accounts that may Read on…

When Does A Power Of Attorney Take Effect And How Long Does It Last?

The effective date by which a New York Power of Attorney takes effect will be a direct consequence of the type of document that is executed. A vast majority of clients sign what is known as a Durable Power of Attorney. A durable power of attorney takes effect immediately upon due and proper execution by Read on…

What Are The Key Estate Planning Documents Everyone Should Have?

If you are planning to meet with an estate planning attorney, or want to see if your estate planning documents need an update, there are certain documents that you should have ready to review and to present to your attorney. If you currently have estate planning documents that may require review and revision, please check Read on…