Biden Administration’s Estate Plan Changes, How Will They Affect You

For millions of Americans, the country’s recent transition to a new administration will have a significant impact on tax and estate planning. This is particularly true for high-income earners and high-net worth individuals, but even those with more modest incomes and assets may be affected. In general, many families who have been safe from exposure to estate taxes and other forms of inheritance tax for the past decade are going to find themselves incorporating estate planning into their overall financial planning strategy.

Ancillary Probate in New York

When a person dies, it is the job of the personal representative, or estate executor, to ensure the decedents affairs are handled in accordance with their last will and testament. Such responsibilities include identifying creditors, compiling a list of assets, paying taxes, resolving claims against the estate, and ensuring assets are distributed to heirs.

Responsibilities of an Estate’s Executor

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.