What Is Estate Planning in New York? www.davidovlaw.com
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.
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.
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