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The state of New York provides easy transfer of assets for legally married couples and civil unions upon one spouse's death. No such protections exist for unmarried couples. Without a detailed estate plan, the deceased's belongings will automatically go to their next...
You may have repeatedly asked your aging parents living in New York if they have a will. Even if they reply in the affirmative, do you know if their will is valid? Many older individuals think that they don't need to modify estate documents. Here's how to ask your...
Family dynamics is often the biggest challenge to estate planning in New York. When there is a high degree of tension between family members, it can be difficult to make decisions about how you want them to share your assets in the event of death or disability....
When you’ve remarried and have a blended family with stepchildren and other heirs who aren’t biologically related to you, the matter of estate planning isn’t as clear-cut. There are special considerations that you’ll need to make regarding your beneficiaries and what...
Estate planning in New York is easier when you know the difference between an heir and a beneficiary. Even if you have no heirs, you'll likely choose one or more beneficiaries. One person can fill both roles, as in an heir can also serve as a beneficiary and vice...
It's wise for adults in New York to plan ahead. When it comes to your health, an advance healthcare directive lets you prepare for unforeseen circumstances. With an advance health care directive, you control how medical professionals treat you when you can't make...
A will is the first step in a New York estate plan. While essential, it's just one of the tools at your disposal. Wills A will allows you to make bequests to individuals of your choosing and name a guardian for your minor children. Your named executor will carry out...
Property law in New York contains more than its share of obscure and complex stipulations. One of these is known as the rule against perpetuities. This rule is an excellent example of how long-ingrained laws can influence how property is transferred. It can,...
When planning for retirement in New York, you'll need to identify income resources, calculate expenses, initiate a savings program and manage your assets. Estate planning can also be done when you complete retirement planning. Going this route ensures you have an...
Residents of New York have a lot of organizational work to do immediately after their spouse dies. To protect your finances, it’s important to organize paperwork and make some notifications as soon as possible. Paperwork The first step is to collect and organize...