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August 2014 Archives

Discussing estate planning with the family

New York residents may be interested in ensuring that their assets are transferred to heirs as they intended. Having the frequently avoided inheritance conversation may be one of the best ways for securing heirs' understanding of how property is to be divided. UBS estimates that $40 trillion in personal wealth will be passed to heirs by the year 2050.

Robin Williams created revocable trust for assets

Robin Williams fans in New York might be interested to know that his family could be spared the ordeal of going through probate for certain assets. When someone leaves a will, probate courts verify the document and still make decisions regarding the execution of the deceased person's estate. Court records can reveal specifics of a person's estate that families might like to keep private. Since Williams set up at least one revocable trust, probate might not affect certain aspects of the late actor's estate plan.

A brief outline of irrevocable and revocable trusts

Some New York residents may find that establishing a living trust is an attractive option for guiding asset disbursement upon death while avoiding a potentially frustrating probate process. For an individual considering a revocable or irrevocable trust, understanding some basic points regarding these trusts can help an individual to approach the subject more gracefully with a financial advisor or attorney.

When a person dies without a will

Some New York residents may wonder what happens when a relative dies without a will. If the decedent leaves more than $30,000 in assets, the estate goes through administration, which is similar to probate. The difference is that probate occurs when the decedent leaves a will directing the distribution of assets. Administration occurs when a person dies intestate, or without a will, and the distribution is made in accordance with the state law of intestacy.