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.
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.
The probate process can be challenging for many different reasons. However, kinship proceedings can be particularly difficult to deal with. Our firm knows that these hearings can be emotionally taxing and have a significant financial impact on those involved. As a result, it is crucial for you to pinpoint the smartest direction forward if you are preparing for a kinship hearing.
While a will may seem like the final say if your loved one in New York has passed away, the truth is that there can be many mistakes made during the writing and developing that can render the agreement invalid. If you believe that this has happened to you, we at Joseph A. Ledgwidge can represent you as you contest the will.
If you are the executor of an estate, all sorts of questions may be on your mind. For example, you may have uncertainties related to your fiduciary duties or you could be unsure of how to approach the probate process. In Jamaica, and all across the state of New York, it is vital to make sure that you are aware of your responsibilities and prepare yourself for some of the responsibilities that lie ahead. For example, if you file for probate, you may be unsure of what the filing fee is.
With regard to probate, there are many issues that executors, heirs and decedents may want to take into consideration. For example, heirs should be aware of any wrongdoing during the probate process, which leaves them with a smaller amount of assets than they were entitled to. Unfortunately, this takes place too often in New York and it can be very hard for people who are alerady going through emotional pain.
When it comes to estate matters, a myriad of issues could affect you, whether you are in the early stages of setting up your estate plan or are struggling with your duties as an executor. At Joseph A. Ledwidge, we can sympathize with people who have encountered these challenges in all parts of New York. Unfortunately, they can create a rift between family members, which can be even more devastating after a loved one has passed away. As a result, you should try to work with your loved ones to lock in a positive outcome, regardless of the nature of your complications.
If you are toiling in debt or a loved one is dealing with similar circumstances, a pressing question may be: “what happens to my debt when I pass away?” One would think that the debt would be extinguished with the person as they pass away. Unfortunately, this is not always the case, as some creditors will go to great lengths to collect on debt they are owed.
If you have been named a trustee, you may be facing numerous hurdles. On the one hand, you may be struggling with unbearable emotional pain due to the loss of a loved one. However, you may also be unsure of your responsibilities or how to handle some trust-related issues. At Joseph A. Ledwidge, we know how challenging this can be for trustees and entire families in Jamaica, and all across the state of New York. By recognizing and carefully managing your responsibilities, you may avoid certain complications.
From being named a trustee by a loved one who is drafting his or her trust to disagreements that come up during the probate process, there are a number of ways that trustees find themselves involved in an estate. After the trustor passes away, however, trustees play an especially important role. If you have been named a trustee, it is vital to be fully aware of your responsibilities. At the New York law offices of Joseph A. Ledwidge, we understand the concerns and stress that trustees may have, especially for those who are not very familiar with trusts or the probate process.