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November 2017 Archives

What are some will concerns if you are single?

As a single person in New York, you may have never given a single thought towards creating a will. However, most adults should have one. This is especially true if you have children or assets of considerable value. If you die and do not have a will or other estate plan, the state steps in and decides what happens with your assets and your children. This is the last thing you want to happen because it becomes a major headache for your family.

Concerns when estate planning for blended families

Many residents in New York who are planning to get married may well have been married before. According to the Pew Research Center, in 2013 both spouses in one out of every five marrying couples were getting married for the second or subsequent time. In four out of every 10 marrying couples, one spouse had previously been married. These realities bring new concerns to the forefront when looking at making a good estate plan.

Closing accounts and other executor responsibilities

If you have been appointed the executor of your loved one's estate, you could have many questions when it comes to your responsibilities. As executor, it is vital to avoid any breach of your fiduciary duties, which may lead to serious consequences. For example, a beneficiary could decide to take legal action against you. At Joseph A. Ledwidge, P.C., we can understand how stressful it can feel to be in this position, especially if you are mourning a loved one's death. However, you can reduce the likelihood of additional hardships by carefully going over your different responsibilities, such as managing the estate's financial affairs.

How can I avoid probate?

Did you know that when you die, your estate does not have to go to probate in New York? While many estates do, it is not required if you ensure everything is in proper order before you pass away. According to The Balance, there are few options you can use to help prevent your estate from having to go through probate.