If you live in New York, there are certain legal requirements that must be met in order for your estate to be valid. For example, your will must be in writing and signed by two witnesses. You also need to appoint an executor, who will be responsible for carrying out your wishes.
It's important to have a clear understanding of the New York probate process and what your options are before you make any decisions. You may want to consult with an experienced New York estate planning attorney to get started.
WHAT IS PROBATE?
New York Probate is the legal process of settling an estate after someone dies. The court system supervises the distribution of a deceased person's assets to their rightful heirs or beneficiaries. If the deceased person left a will, the court appoints an executor to carry out the terms of the will. If the deceased person did not leave a will, the court appoints an administrator to manage the estate.
WHAT IS ESTATE PLANNING?
Estate planning is the process of creating a plan to manage your assets and affairs after you die. The goal of estate planning is to help your loved ones avoid the time, expense, and stress of probate court. A well-crafted estate plan can also help minimize taxes and protect your assets from creditors.
An estate planning attorney can help you create a comprehensive estate plan that meets your unique needs and goals and adheres with New York Law.
When it comes to estate planning in New York, there are a few key terms that you should know. These include silent partner trustee, permanent trustee, power of attorney, and executor. Each of these has a different role in the estate planning process, and it's important to understand how they work in order to make the best decisions for your family.
SILENT PARTNER TRUSTEE
A silent partner trustee is a trustee who is not actively involved in the management of the trust. The silent partner trustee may have the power to remove the active trustee, but does not have the authority to make decisions about how the trust is managed. The silent partner trustee's role is to provide oversight and ensure that the trust is being managed in accordance with the terms of the trust agreement.
A permanent trustee is a trustee who is appointed to manage the trust for the duration of its existence. The permanent trustee has the authority to make all decisions about how the trust is managed, including investment decisions and distributions to beneficiaries.
POWER OF ATTORNEY
A power of attorney is a legal document that gives someone else the authority to act on your behalf. A power of attorney can be used for estate planning purposes to give someone the authority to manage your finances and make medical decisions on your behalf if you become incapacitated.
An executor is the person appointed by the court to carry out the terms of a will. The executor is responsible for managing the estate and distributing the assets to the beneficiaries. If you die without a will, the court will appoint an administrator to manage your estate.
WHEN DO YOU NEED LEGAL ADVICE?
Estate planning is a complex process, and it's important to get professional legal advice to ensure that your plan is properly created and executed. An experienced estate planning attorney can help you navigate the process and make sure that your assets are protected. If you have questions about New York estate planning, contact an experienced New Yorkestate planning attorney to get started.
CONTACT NASSER LAW PLLC
Nasser Law PLLC is a full-service law firm that provides legal services to individuals and businesses in the New York area. We offer a wide range of legal services, including estate planning, probate, and business law. Contact us today to schedule a consultation.