When an individual dies who has no will, the distribution of his or her estate is determined by the Intestacy Law of the state in which the person died in. In the State of New York, individual’s estates who die without a will are distributed as follows: 1. The first $50,000 goes to the spouse, if there is a spouse. The balance of the estate is … [Read more...]
Divorce’s Impact on Wills and Other Testamentary Devices
Let’s say you get divorced but you don’t modify your will or change your bank accounts. What happens at the time of your death if your ex-wife is the beneficiary of your will and other assets are held jointly with your ex-wife? New York State Law Under New York State Estate Powers and Trusts Law Section 5-1.4, unless a will expressly states … [Read more...]
Court Terminates Trust
Surrogate Judge Rita Mella sitting in the Surrogates Court of New York County recently granted an application by co-trustees of a trust to terminate a trust. The trust was created pursuant to the decedent’s will. The purpose of the trust was to benefit a variety of individuals and charities. The trust called for the beneficiaries of the thrust to … [Read more...]
Copy of Will Denied Probate
In a decision by New York County Surrogate Court Judge Rita Melia, Judge Melia found a copy of a will could not be submitted to probate. There is a presumption when the original will cannot be found that it was revoked by the person who made the will destroying it. An uncontested action was submitted to Surrogate Melia. It was claimed the … [Read more...]
Comparing Wills and Living Trusts
Both wills and living trusts are testamentary devices which can be utilized to provide for the handing down of your assets to the next generation in your estate after your death. There are benefits to both wills and trusts. A revocable living trust is commonly used as an alternative to maintaining just a simple will. The purpose of this article … [Read more...]
Contesting a Will
Wills in the State of New York can be contested. The probating of the will by the executor of the will gives the potential contestants of the will the ability to appear in court and advise the court they are contesting the will. There are a number of grounds which can serve as the basis for contesting a will. Here are some of the grounds which can … [Read more...]
Collecting Social Security Benefits
Can you collect your spouse’s Social Security benefits? If you are already collecting your own Social Security benefits, can you elect to collect your spouse’s benefits instead of yours? What do you have to do to collect your spouse’s Social Security benefits? These questions and others are common questions seniors have concerning Social Security … [Read more...]
Retirement Savings Should Not Be Withdrawn Early
When individuals and families have financial problems, they often look to bail themselves out by borrowing and/or withdrawing funds from their retirement savings accounts. It is estimated in 2013, approximately a third of individuals who lost their jobs removed their money from their retirement savings accounts. Early withdrawal of funds from a … [Read more...]
Challenging a Will
Wills can be challenged by potential heirs when they are of the opinion they have not received what they are entitled to from the estate of the decedent. Wills can also be challenged with regard to the handling of the administration of the estate by the executor. The Probate Process When an individual dies, the process whereby a court determines … [Read more...]
Seniors Beware of Scams
With the passage of every single day, the number of financial scams targeting seniors is on a gradual rise. It will not be a wrong claim to make that the same is often referred to as the “crime of the 21st century”. Financial elder abuse can be looked upon as an abuse when a fraudulent makes an attempt to make improper use of money of an elderly … [Read more...]
