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July 2015 Archives

Choosing an executor for a will

Everyone in New York who creates an estate plan must make an important decision about who to name as executor under their will. The executor of a will is responsible for making sure that all of the instructions in the document are followed exactly and assets are correctly distributed to beneficiaries. While serving as executor, a person may have to commit to long hours of sorting through voluminous paperwork and might have to make practical choices that could lead to conflicts.

Handling parental estates in New York

Although no one wants to think about their parents dying, there is a chance that a child will be named executor of a parent's will. Those who are named the executor will need to take specific steps to ensure that the estate can be settled properly. For instance, it may be a good idea to order as many as 15 copies of a death certificate and determine quickly whether or not the will needs to go through probate.

Avoiding probate in New York

The probate process in New York can sometimes drag on for months or even years, and mounting costs can drain estates and leave heirs wanting. The most effective way to prevent this from happening is to transfer assets in a way that they pass outside of probate, and estate planning strategies that can be used to avoid probate include gifts, death beneficiaries, trusts and joint property ownership arrangements.