Author Archives: Jay Butchko
Who Serves as Executor of My Estate If I Do Not Have a Will?
One of the key functions of a will is naming someone to serve as the executor of your estate. So what happens if you do not leave a will? In that case, New York law determines who is entitled to serve as administrator of the estate. (Executor and administrator mean the same thing in… Read More »
How Do You Compensate the Executor of a New York Estate?
When making your will, one issue you need to consider is how to compensate the executor of your estate. If you have a particularly complex estate–i.e., one with a lot of assets that will take time to liquidate–it may take your executor many months (or years) to complete the New York probate process. Indeed,… Read More »
Understanding the Uses and Limits of a “No-Contest” Clause in a New York Will or Trust
One of the reasons you make an estate plan is to minimize the risk your family (or other legal heirs) will resort to litigation after your death. To that end, many wills and trusts include an in terrorem or “no-contest” clause. Basically, this is language that states if a beneficiary unsuccessfully challenges a will… Read More »
Is a Contract to Make a Provision in My Will Legally Binding in New York?
A will is the normal means of disposing of any property subject to a probate proceeding under New York law. But what if you make a contract with someone else that promises to dispose of your property after-death in a different manner? Is such a contract enforceable in New York? The short answer is… Read More »
What You Need to Know About Reverse Mortgages in New York
Many New York seniors struggle to make ends meet. When Social Security and private pension benefits are not enough to cover daily living expenses, those seniors who own their home may turn to a home equity conversion mortgage (HECM), more commonly known as a “reverse mortgage.” This is a special type of loan available… Read More »
U.S. Supreme Court: North Carolina May Not Tax New York-Based Trust
A trust is a common estate-planning tool where a person–usually known as the grantor or settlor–transfers assets to a trustee. The trustee is then legally obligated to administer the trust property on behalf of one or more beneficiaries named by the settlor in the trust documents. The trust typically also contains language indicating which… Read More »
Who Serves as Executor of My Estate If I Do Not Have a Will?
Many New Yorkers put off making a will until it is too late. When this happens, a person is said to die “intestate.” State law then determines who has the right to be named as executor or personal representative of the deceased person’s estate. For some people this may not be a bad thing…. Read More »
New York’s Elective Share Rule and “Sham” Marriages
Under New York law, it is not possible for a person to completely disinherit their own spouse without their consent. The surviving spouse has the right to take an “elective share” of the deceased spouse’s estate. This applies even if the deceased spouse left a will purporting to expressly disinherit the surviving spouse. However,… Read More »
Power of Attorney Extras for Advanced Planning
For millions of Americans, a power of attorney document is nothing more than a “worst-case scenario” item that allows loved ones to make decisions in the event of hospitalization or other emergencies. But for high net-worth individuals and those seeking to maintain eligibility for Medicaid, powers of attorney take on a whole new dimension…. Read More »
5 Things a Trust Can Do that a Simple Will Cannot
So, you’ve finally decided it is time to update your estate plan (or create one for the first time). Maybe you’ve looked online or read up on how to get your Will done quickly, and you are starting to wonder if a Will can actually accomplish all the things you want it to. If… Read More »