When someone dies, their estate goes through the probate process in surrogate court to ensure that the estate is divided according to the wishes stated in a will and/or other estate plan document. The person named as executor in the will or estate plan has a legal duty to accurately and carefully ensure that the will and estate plan are carried out according to the decedent’s wishes.
There are many good reasons to have a will as part of your estate plan. A will helps ensure that your property is divided according to your wishes. Without a will, property is divided according to New York State law, which may not coincide with your wishes.
Along with other estate planning tools, having life insurance provides a way to guarantee a lump sum of money will immediately transfer to your beneficiaries tax free. While it might not mitigate their grief, life insurance can help ensure that financial worries will not add to your family’s sadness
Because of all the regulations and the yearly accounting requirement, it’s important that the special needs trust be set up properly. You should seek the advice of a New York attorney with estate planning experience to help you set up a New York special needs trust.
A will helps ensure that your property is divided according to your wishes. Without a will, property is divided according to New York state law, which may not coincide with your wishes.
When someone dies without a will, New York state distributes the estate among relatives according to the New York State laws of intestate succession.