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November 2014 Archives

Trusts and estate plans

While some people with very simple estates may not need to set up a trust, trusts can be a useful tool for many different people in New York who are in the process of estate planning. People who have a net worth of $100,000 and who have a sizable portion of assets held in real estate, art or business may benefit by using a trust.

Requirements for New York wills to be properly executed

Wills in New York must meet several criteria before they are executed properly by a probate court. First and foremost, they must be in writing rather than in the form of oral testimony. A will must be signed by the one who wrote it or by a person in his or her presence and at his or her direction. A person who signs for the one who wrote the will does not count as a witness to the will execution.

Charitable trusts in New York

Some people in New York might wish to set up a charitable trust so they can donate assets and income earned through it to various designated charities. It is important when people are wanting to set up a trust for this function that they do it in such a way as to avoid potential tax implications.

Trust structures may help with asset management

New Yorkers who want to ensure their possessions are managed properly may rely on wills and similar documents, but living trusts offer an alternative. These structures are notable in that their grantors can name themselves trustees and thus manage the assets they want to safeguard. In addition, other trusts, such as spendthrift trusts, can be included in a living trust so that beneficiaries are explicitly looked after.

Queens spouses may have to fight for their rights

Spousal relationships can turn sour for many reasons, and in such situations, individuals may take actions that violate state law. Some spouses, for instance, attempt to disinherit their partners so that they don't receive their legally entitled portion of an estate following a death. Joseph A. Ledwidge, P.C., strives to empower people so they can take advantage of laws designed to protect their best interests and their futures.