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Category Archives: Estate Planning

EstPlan20

How Do New York Courts Deal With Assets of a Foreign Estate?

By Meyer & Spencer, P.C. |

People come from all over the world to work and live in New York State. This can lead to some unique estate planning challenges. For example, say you live outside of New York but maintain significant business assets in the state. After you die, how will the New York courts dispose of these assets?… Read More »

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SigningWill

Who Serves as Executor of My Estate If I Do Not Have a Will?

By Meyer & Spencer, P.C. |

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 »

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Executor

How Do You Compensate the Executor of a New York Estate?

By Meyer & Spencer, P.C. |

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 »

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Trusts

Understanding the Uses and Limits of a “No-Contest” Clause in a New York Will or Trust

By Meyer & Spencer, P.C. |

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 »

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EstPlan18

Is a Contract to Make a Provision in My Will Legally Binding in New York?

By Meyer & Spencer, P.C. |

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 »

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EPlan1

Who Serves as Executor of My Estate If I Do Not Have a Will?

By Meyer & Spencer, P.C. |

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 »

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EstPlan12

5 Things a Trust Can Do that a Simple Will Cannot

By Meyer & Spencer, P.C. |

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 »

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EstatePlan6

Three People You Should Not Name as Your Agent Under a Power of Attorney

By Meyer & Spencer, P.C. |

If you are approaching your golden years and thinking about establishing an estate plan, you’ve probably at least given some thought to having a durable power of attorney. If you have done your homework then you know a power of attorney is a legal instrument designed to give someone else the power to make… Read More »

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ElderLaw4

Possible Disputes in a Guardianship

By Meyer & Spencer, P.C. |

Guardianship and Disputes A guardianship is a legal relationship created by court of law between an assigned guardian and a person who becomes a “ward.”  It is a powerful resource and can be quite effective in the area of elder care and asset planning.  The guardianship usually covers an incapacitated adult or sometimes a… Read More »

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Will7

The Legal Mechanics of Lost Wills in New York Surrogate Courts

By Meyer & Spencer, P.C. |

A lost will is a will that is known to have once existed and cannot now be located; and at the same time, it is not known to have been revoked.  In short, the will is lost and cannot be found by any of the heirs of the decedent.  As a result, the will… Read More »

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