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What Is Estate Planning in New York?

What Is Estate Planning in New York?

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Published by Michael Davidov
A closer look at estate planning in New York and some of the various legal devices that are used in the field of estate planning. http://www.davidovlaw.com/estate_planning/estate-planning/
A closer look at estate planning in New York and some of the various legal devices that are used in the field of estate planning. http://www.davidovlaw.com/estate_planning/estate-planning/

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Categories:Types, Legal forms
Published by: Michael Davidov on Jan 24, 2014
Copyright:Attribution Non-commercial

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01/24/2014

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W
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STATE
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LANNING
 
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ORK 
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 A Closer Look at Estate Planning in New York and Some of the Various Legal Devices that are Used in the Field of Estate Planning
ILANA F. DAVIDOV, ESQ. MICHAEL DAVIDOV, ESQ., CFP®
 
 
What Is Estate Planning in New York? www.davidovlaw.com
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 A lot of people have thought about the need for a last will. They are under the impression that this is the long and short of it when you are preparing for death. However, this is an incomplete picture. There is something called estate planning, and it involves preparing for the inevitability of your passing in a comprehensive manner. In this paper we will look at some of the various legal devices that are used in the field of estate planning, and we will provide some basic explanations.
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 A last will is used to transfer assets to your heirs. When you draw up a last will  you should include the nomination of an executor. An executor is the person that will handle the administration of the estate. In New York the administration of the estate takes place under the supervision of the Surrogate's Court. Once the executor files the last will and a probate petition with the court, the process of probate will commence.
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ROBATE
 
Many people are not aware of the existence of the process of probate. They are under the assumption that the executor simply hands out property to the heirs
 
 
What Is Estate Planning in New York? www.davidovlaw.com
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 without supervision. This is not the case. The heirs to the estate may not be the only interested parties.  When someone passes away, he or she may well have debts. Creditors have a chance to step forward to seek satisfaction from the estate during probate. The collection of final taxes would also take place during probate. The heirs are only entitled to what is left after all rightful debts have been paid. The executor will inventory the remaining assets and ultimately prepare them for distribution to the heirs. Under some circumstances probate can take a lot of time. Even simple cases are not going to be resolved overnight. Depending on the specific jurisdiction, it can take months for a simple case to run its course, and particularly complex cases can be stalled in probate for multiple years. There are also expenses that come along with the probate process. As money is  being spent during probate, the amount of the inheritances that will ultimately be

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