Testamentary Substitutes Payable on death accounts. A payable on death account is a bank account maintained in one individual’s control which has specific instructions about when that individual dies, it gets paid to a specific beneficiary. The beneficiary has no rights until the individual who opened the account dies. Joint ownership … [Read more...]
How To Avoid Probate in New York – Part I
The probate process in New York can involve expenses, time delays and the opening up of family related issues to public scrutiny. There are a number of mechanisms which can be utilized to avoid probate. The following are examples of various types of legal measures which can be utilized to avoid probate: Living trusts. In the State of New York, … [Read more...]
How Estate Litigation Works in Surrogate’s Court – Part II
The Trial The trial will either be conducted before a jury or by a judge. There are certain issues an individual can request a jury for. If the claims at trial are that the executor, administrator or trustee embezzled funds or acted improperly, the court can order that individual to repay the estate or the trust for the funds which were improperly … [Read more...]
How Estate Litigation Works in Surrogate’s Court – Part I
The individual who files a lawsuit against an estate must prove to the court they have a sufficient basis for the lawsuit. Oftentimes individuals come into our office who are unhappy with someone’s will. They seek to challenge the will because they were either left out of the will or didn’t receive their fair share. Unfortunately, being unhappy … [Read more...]
Mickey Rooney’s Will Contest
Mickey Rooney recently died at age 93. He had been performing for almost eighty years. Mickey’s Last Will and Testament left his entire estate to his stepson. His wife, Janice, and all of his other children were disinherited. They are now challenging Mickey’s last will. Eugene Belous, the attorney for Mickey’s wife, claims the will contains a … [Read more...]
How Do I Avoid Probate?
In some states, the probate process can be long and expensive. Wills, when they are probated, are public documents and anyone can go to the courthouse and view the Will. While there is a valid reason for drafting a Will and having it probated, in some cases this may not be the very best way to handle the transfer of assets from one generation to … [Read more...]
Misconceptions About Wills
Misconception 1: “I am not rich enough to have a will.” Response: Oh really! Do you have a car, a home, furniture, bank accounts, pension, 401(k), or life insurance? If you do, you are not too poor to have a will. You may end up being worth more at the time of your death than you realize. In addition to distributing your assets, a will allows … [Read more...]
Home loans – Who pays them in the event of your death?
There are a lot of questions that are very practical for real life and do cross our minds but we don't know where to seek the answers for them. One such question is if you have a home loan on your name, what happens in case of your death. Simply putting, the loan will get transferred to the co-applicant or the legal heirs that you have. Thus it … [Read more...]
Misconceptions Regarding Wills
To watch today's video blog, please click on the link below: https://youtu.be/XRVj__nSeAY Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. Elliot and his attorneys have more than 100 years of combined legal experience handling all aspects of estate planning and estate litigation. Please call to schedule a … [Read more...]
Healthcare Proxy
It is suggested today that seniors living in America have healthcare proxies. A healthcare proxy allows an individual to designate another person to help him or her make decisions regarding healthcare in the event he or she becomes incapable of making those decisions. Healthcare proxies are designed to allow a person when they are cognizant of the … [Read more...]
