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May 2015 Archives

B.B. King's will to be contested by family members

New York residents who were fans of the late blues musician B.B. King may be interested to learn that there is a dispute over his will. Hours before a Las Vegas memorial service was held for King on May 23, an attorney who is representing some of King's family members issued a public statement. The attorney said that his clients plan to challenge King's will and the actions of his named executor.

Estate planning tips for business owners

Putting an effective estate plan into place is a prudent step for any New York resident to take, but it may be even more important for those who own a business. Probate courts are not the places where most entrepreneurs would want questions about their estate resolved, and probate judges may sometimes not be as knowledgeable as they could be about complex intangible business assets such as intellectual property.

Probate is a viable option for estate planning

Many individuals in New York are under the impression that probate is a bad thing. Some people take steps to ensure that most, if not all, of their assets do not have to go through probate by adding other signatories to bank and brokerage account, investing assets in a whole life insurance policy and establishing living trusts. These and other measures are designed to allow access by another individual upon the primary party's death.

The process of administering an estate

New York residents who are preparing their wills or who have learned that they have been named executors under an existing one may wonder what is involved in being an executor and what responsibilities the position has. The duty of an executor is to gather assets, pay off debts and distribute assets to the beneficiaries.