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October 2015 Archives

New York neighbors face probate fee hikes of up to 1000 percent

New York residents unhappy with their tax burden may wish to spare a thought for some of their neighbors. Connecticut has raised several state taxes and fees to bridge large budget gaps, and the increases have been implemented retroactively to Jan. 1, 2015. Among the most contentious tax and fee hikes are changes to the probate fee structure that have led to tenfold increases in fees for many estates. While many wealthy Connecticut residents are now said to be thinking about moving out of the state, observers feel that growing financial pressures will prompt other states to impose similar measures.

Using digital document archives for estate planning

Digital document archives are becoming popular among people in New York who are planning their estates. Sites like Everplans, Principled Heart and AfterSteps provide a platform where people can easily store digital versions of estate planning documents like wills, trusts, powers of attorney and health care directives. Digital archives can also house important financial information and personal assets like photos.

Robin Williams' family settles property dispute

New York residents have likely heard about the ongoing legal battle between the wife of the late actor Robin Williams and Williams' three adult children from previous marriages. After Williams committed suicide in 2014, his widow claimed that items from the home she shared with him had been taken without her permission. In December, she filed a petition asking the court to exclude the items in the home from the children's inheritance.

The responsibilities of an executor named in a will

Naming an executor is one of the most important estate planning decisions that New York residents have to make. When someone is asked to serve as an executor of a testator's will, it is important for the person to understand the responsibilities that they might be taking on. If those who are asked feel that they are too disorganized or ignorant about financial matters, they might want to say no to being an executor.

Houston and Brown families fighting over Bobbi Kristina's estate

Many New York residents have heard about the ongoing dispute over the estates of Whitney Houston and her daughter Bobbi Kristina. Both the Houston and Brown families are reportedly fighting over what happens to Houston's estate. According to a report, members of Whitney Houston's family are named as the legal inheritors of Bobbi Kristina's wealth; however, reports also note that Bobby Brown's family wants to inherit the money.