Hablamos Español free phone consultations
Joseph A. Ledwidge, P.C.
347-395-4799
View Our Practice Areas

September 2015 Archives

The advantages of a revocable trust

New York residents may think they need a will, but they might want to consider setting up a revocable trust as well. A revocable trust has a number of advantages over a will for managing most of an individual's assets. Probate of a will can be expensive and time-consuming, and a revocable trust can prevent that. Furthermore, a co-trustee of a revocable trust can handle the administration if the grantor becomes incapacitated.

Potential consequences for heirs of an intestate individual

Probate courts in New York determine the distribution of assets belonging to people who died without a will, and they are guided by the state law of intestacy. The court will apply by default the basic inheritance rules established by the state. When people prepare an estate plan, avoiding probate is often one of the goals because of the cost, lack of privacy and length of time that the process often entails.

Non-probate transfer methods in addition to wills

As some New York residents may already know, having a will helps to protect one's family and assures that beneficiaries the decedent chooses receive assets. There are other ways, often used in conjunction with a will, to allocate some assets after death. Learning about specific transfer methods will enable grantors to distribute assets as they see fit without the need for probate.

Placing limits on beneficiary spending

When New York residents are going through the estate planning process, they often decide to leave money to designated beneficiaries. However, those who are leaving money to future generations may wish to control how that money is spent. For instance, a parent may not want an inheritance used to support a political candidate or cause that he or she disagrees with.