New York residents who were fans of the late blues musician B.B. King may be interested to learn that there is a dispute over his will. Hours before a Las Vegas memorial service was held for King on May 23, an attorney who is representing some of King's family members issued a public statement. The attorney said that his clients plan to challenge King's will and the actions of his named executor.
New York residents who are preparing their wills or who have learned that they have been named executors under an existing one may wonder what is involved in being an executor and what responsibilities the position has. The duty of an executor is to gather assets, pay off debts and distribute assets to the beneficiaries.
While a will can help a family in New York avoid a legal battle after a loved one passes away, this legal document cannot always prevent against a problem. When world-famous actor Robin Williams died, his will and trust dictated that his estate go to his widow and his three children from different marriages.
If your loved one died without leaving a will, his or her estate will have to go through a process called estate administration. Estate administration is the vehicle by which your loved one's financial and legal matters will be settled and his or her assets passed to his or her heirs.
When comedian and actor Robin Williams passed away, it seemed like his affairs were in order. He had prepared a will and specific trust agreements. He also had a prenuptial agreement in place. By most measures, it seemed as if he had done everything necessary to ensure that his estate would be distributed without conflicts or legal disputes. Despite his planning, though, his heirs still find themselves at odds with each other over Mr. Williams's assets. The battles surrounding his estate provides valuable lessons for New York residents who are in the process of considering how their assets will be distributed when they die.
When you are preparing your estate plan, you may want to consider utilizing trusts to help you meet a variety of different types of financial and family goals. If you plan and set up trusts appropriately, you can use them to directly pass your assets to your heirs while bypassing the expense and litigation that can be involved with the probate process.
Individuals in New York who are estate planning and preparing a will may wonder what is involved in the probate process. Every will must go through probate before assets are distributed to heirs.
While some people with very simple estates may not need to set up a trust, trusts can be a useful tool for many different people in New York who are in the process of estate planning. People who have a net worth of $100,000 and who have a sizable portion of assets held in real estate, art or business may benefit by using a trust.
Robin Williams fans in New York might be interested to know that his family could be spared the ordeal of going through probate for certain assets. When someone leaves a will, probate courts verify the document and still make decisions regarding the execution of the deceased person's estate. Court records can reveal specifics of a person's estate that families might like to keep private. Since Williams set up at least one revocable trust, probate might not affect certain aspects of the late actor's estate plan.
Baby boomers are estimated to receive a median amount of $64,000 from their parents as they pass away. With so much wealth being passed on from parents to adult children, fights over who should get what from their parents are becoming more common in New York and around the country. While many of these battles are continuations of sibling rivalries that have lasted for years, some of the conflict stems from the fact that many people are going through tough financial times.