Trusts and Estates

August 9, 2011

Estate Litigation Can Complicate and Delay Settlement of Decedent’s Estates

Attorneys familiar with probating a Last Will throughout New York, such as in the Bronx and Brooklyn, are often confronted with issues that result in Court litigation. Many of these controversies involve family disputes and disagreements that have origins many years before the death of the decedent. Once a person dies, opportunities are presented to activate long held disagreements and family disharmony.

It is not uncommon for a testator to prepare a Will and disinherit a child or other close relative. New York law does not require that a person leave anything to a child. However, as previously discussed in the New York Probate Lawyer Blog, Estates, Powers and Trusts Law section 5-1-1-A requires that a portion of an estate be left to a spouse.

After being disinherited, a disgruntled child can use the requirements of the probate process to Contest a Will. In his or her view, the testator’s Will should be deemed invalid because lack of capacity or undue influence was the cause of the disinheritance and not the personal disharmony that existed for many years. Since the decedent is no longer around to express his or her desires, it is now up to the Court and the litigants to sort out the family dynamics or dysfunctional relationships.

Will contests in the New York Surrogate’s Court, like elsewhere, can be time consuming and costly. Examinations of attesting witnesses, review of the Will execution ceremony and discovery of information reflecting upon the decedent’s capacity can be an excruciating experience for the family members involved. A recent article by Mary Ann Spato appearing in NJ.com on July 26, 2011 recounted the story of author Belva Plain who died last October. It appears that for almost 20 years prior to her death the decedent had fully supported her son, John, based upon an agreement that John would not contact members of the family or claim any part of her estate. Notwithstanding the agreement, after Belva died, John sought to void the agreement and claimed that his mother had been unduly influenced by his sisters. The Court ultimately ruled against John finding that he had no claim against his mother’s estate.

A similar pattern was seen with regard to the estate of the late entertainer James Brown. As reported by Matt Birbeck on July 20, 2011 in RollingStone.com, Brown, who had an estate valued at about $100 million dollars, died in 2006. He left almost his entire estate to a Trust to benefit underpriviledged children in South Carolina and Georgia. However, after a Will contest by his seven children and fourth wife, the estate was split between the family and the Trust. Nevertheless, as reported, none of the estate money has yet to be paid out and there is still an ongoing dispute concerning Brown’s final place of burial.

Another area that has been a source of many Court battles concerns the transfer of a person’s assets prior to their death. Such transfers can destroy even the best estate plan and leave an estate without any assets to be paid to the beneficiaries named in a Last Will. The creation of joint ownership or designating beneficiaries on bank accounts causes these assets to pass to a joint owner or beneficiary automatically upon death, thus insulating them from the control of an estate fiduciary such as an Executor or Administrator. The provisions of a Will or the intestate statutes are essentially avoided. As a Nassau estate attorney, I have seen many instances where children, friends and caretakers rearrange a person’s assets prior to death by having their names added as co-owners or beneficiaries. After the decedent passes on, the Will beneficiaries and estate Executor or Administrator are faced with the arduous task of engaging in litigation to discover and recover the decedent’s assets. Questions of undue influence and intent surround these proceedings and the decedent cannot express his or her actual desires.

July 28, 2011

Ten Tips for Planning Your Estate and Will in New York

by Jules M. Haas

As the New York Probate Lawyer Blog recently reported, a majority of Americans believe that planning an estate and putting together a will is important.

However, as the survey also discovered, a majority of those questioned do not have the proper documents in place for themselves. A large percentage (36 percent) of parents with children in the home reported they don’t believe wills or estate plans are among the most important documents to have on hand.New York Probate Lawyers would argue that for people with children, the benefits of having estate plans in New York are extremely important. While many people consider death a far-off event that can be dealt with at a later date, the reality is that no one knows when they will die.

For that reason, making plans to leave assets behind to loved ones is important now. And for those who do not have large assets, such as business interests or real estate, it is still essential to make sure that documents are in place to pass on life insurance policy benefits or other assets such as stock funds and retirement benefits. These matters should be handled sooner rather than later. Ensuring that your wishes are followed after your death is important, as is alleviating the burden on loved ones left behind. The selection of guardians for minor children and the naming of executors and trustees is also an essential part of developing an estate plan.

Without a Last Will, New York intestate laws will determine which family member will receive your assets. Planning can save on taxes and confusion, especially if minor children are involved. Without proper documentation, the process can be time-consuming and frustrating for loved ones who are left to sort out the pieces. Having everything laid out can save everyone a lot of trouble.

Here are 10 tips from CNNMoney about estate planning:

No matter your net worth, it’s important to have a basic plan in place: Such a plan ensures that your family and financial goals are met after death.
An estate plan has several elements: They include: a will; a power of attorney; a living will and a health-care proxy. For some people, a Trust may also make sense. When putting together a plan, you must be mindful of both federal and state laws governing estates.
Taking inventory of your assets: Your assets include investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you’re ever incapacitated?
Everybody needs a will: A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will — also known as dying “intestate” — can be costly to your heirs and leaves you no say over who gets your assets.
Trusts aren’t just for the wealthy: trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.
Discussing your estate plan with your heirs may prevent disputes or confusion: Be clear about your intentions and help remove potential conflicts after you’re gone.
The federal estate tax exemption — the amount you may leave to heirs free of federal tax — has recently changed and more changes are upcoming: The estate tax exemption was $3.5 million in 2009, and is now $5 million through 2012.
You may leave an unlimited amount of money to your spouse tax-free, but this isn’t always the best tactic: By leaving all of your assets to your spouse, you may waste your estate tax exemption and actually increase your surviving spouse’s taxable estate.
There are two easy ways to give gifts tax-free and reduce your estate: You may give up to $13,000 a year to an individual or $26,000 as a couple, this includes medical bills for someone.
There are ways to give charitable gifts that keep on giving: If you donate to a charitable gift fund or community foundation, your investment grows tax-free and you can select the charities to which contributions are given both before and after you die.

July 25, 2011

Manhattan and Other New York Couples Still Face Estate and Other Problems Under the Same-Sex Marriage Law

by Jules M. Haas

Beginning on July 24, 2011 same-sex couples will be allowed to marry in New York. As is common with most new laws, marriage equality provides many new estate and property rights while leaving unanswered other issues.

As is provided throughout New York estate statutes such as the Surrogate’s Court Procedure Act (SCPA) and the Estates, Power and Trusts Law (EPTL), marriage creates a plethora of spousal rights that are quite beneficial. For instance, EPTL section 5-1.1-A provides for a spousal right of election. In essence, the statute seeks to prevent one spouse from disinheriting the other through a Last Will. The statute grants the disinherited spouse certain rights to receive a minimum share of a decedent’s estate.

Similarly, where a person dies intestate without a Last Will EPTL section 4-1.1 provides that the surviving spouse is to receive a share of the estate. Absent the recognition of same-sex marriage, the death of one partner in a same sex relationship left the surviving partner as nothing more than a stranger with regard to estate distribution unless the decedent had actually named the survivor as a beneficiary under a Last Will or other testamentary document such as a revocable trust.

Manhattan probate and administration proceedings, as well as proceedings throughout New York, have been dramatically changed by the new law. Despite these new state entitlements, questions and problems remain, particularly with regard to estate planning and government entitlements. As of now, a federal statute called the Defense of Marriage Act (DOMA) provides that federal law only recognizes a marriage between a man and a woman. Thus, the same sex marriages that result in the recognition of state-level benefits are ignored for purposes of federal law. As an example, the New York Probate Law Blog has discussed the amendments to the Federal estate tax laws that were enacted in December 2010. Among the changes in the Federal law was a provision that allowed the “portability” or transfer of the unused $5,000,000 estate tax credit between spouses. However, such portability appears not to be available at present to validly married New York same sex couples since they are not considered to be married under Federal law. New York estate planning and estate settlement issues can be very complex given the conflicting application of laws. The same problem arises with the unlimited estate tax marital deduction which would be applied for New York estate tax purposes but not Federal estate tax.

In an article entitled For Love and Money: Inequalities Remain Despite Same-Sex Marriage, written by Allison Arden Besunder published in Law.com on July 1, 2011, many of the “disparities” and conflicts between Federal and New York State laws are discussed.

I represent clients in Surrogate’s Court proceedings and estate tax and property matters. As a New York City estate attorney, it is apparent that clients preparing their Wills and executors administering an estate require an indepth understanding of both Federal and State laws.

July 14, 2011

New York Inheritance By Children Born After A Person Dies Present Many Issues

by Jules M. Haas

New York law provides for many requirements regarding inheritance and Last Wills. The New York Probate Lawyer Blog has discussed that when a person dies without a Last Will, his or her estate is distributed to the distributees or “next of kin”. New York Estates, Powers and Trusts Law section 4-1.1 sets forth the priority of the persons who can inherit.

As can be imagined, in the context of inheritance and estate planning, determinations regarding beneficiaries can often be complex. Advances in science and technology involving procedures such as artificial insemination can create situations not clearly covered by existing statutes. For example, what are the inheritance consequences when a person dies and, by utilizing his stored sperm samples, a child is conceived years after his actual death.

This situation has arisen on a number of occasions and has caused controversy regarding rights to receive benefits such as social security survivor benefits. In a recent case decided by the U.S. Court of Appeals for the 4th Circuit, Schafer v. Astrue, the Court encountered a situation where a child was born seven years after a person’s death through the utilization of stored sperm samples. The decedent had been domiciled in Virginia at the time of his death. The Court ultimately decided that the child’s right to receive the Social Security benefits was dependent upon whether the child had the right to inherit under the applicable state law’s inheritance statutes, which in this case was Virginia. The Court found that under Virginia Law a child was required to have been born within ten (10) months of the decedent’s death to be entitled to inheritance rights. Therefore, the Court in Schafer concluded that the child was not entitled to Social Security benefits.

Circumstances as presented by Schafer present unique problems for planning and settling an estate. A Last Will or Trust document can attempt to define all the participants and include in the definition persons born or conceived after the death of the decedent. However, it can be exceedingly difficult to fully cover every possible situation presented by the advances in today’s world. Probating a Last Will and administering an intestate estate can become very involved when unknown or unintended heirs become interested parties to these proceedings. In a recent New York case, In Re Martin B., decided by New York County Surrogate Renee R. Roth on July 30, 2007, children who were born years after a decedent’s death through the process of invitro fertilization were found to qualify as beneficiaries of a trust.

July 12, 2011

U.S. Supreme Court Rules in Stern v. Marshall Against Anna Nicole Smith’s Estate

by Jules M. Haas

In Stern v. Marshall, the U.S. Supreme Court recently ruled against the estate of Anna Nicole Smith, who had married a Texas oil tycoon 63 years her senior a year before he died, The New York Times reports.

What this case illustrates is the importance of hiring an experienced New York Probate Lawyer who can sort out any estate planning and trust issues in New York City or elsewhere that need to be finalized to ensure a smooth process for all involved.According to The Times, Smith, a former Playboy playmate and model whose real name was Vickie Lynn Marshall, had once received a bankruptcy court award of more than $400 million and asserted that J. Howard Marshall II’s son had wrongfully interfered with a gift she had expected from his father.

The majority of justices held unconstitutional a provision of the bankruptcy laws that authorized bankruptcy judges to hear some kinds of claims. The case rested on the idea of separation of powers in the context of bankruptcy.

The case illustrates the need to hire an experienced New York Probate Lawyer who is well-versed in New York Probate Law and who can help you sort through this complex area of law. When bankruptcy court is involved, it can be even more difficult to navigate.

Selecting an executor to handle your New York estate or will may be the most important decision you can make in handling your finances. Being an executor of an estate means being responsible for distributing assets as laid out in a will.

While many people would look at this as an honor to be trusted with a person’s assets once they die, it brings with it a great deal of responsibility and dedication. There are legal obligations to being an executor and executors often can use the advise and counsel of a New York Estate Lawyer in how to handle major issues on behalf of an estate.

Wills may be challenged and other problems may arise, so hiring an experienced law firm can help settle these types of issues. Some issues may be handled outside of court and others require court oversight.

Some people think that handling an estate or executing a Will is as simple as contacting family members and doling out cash and family heirlooms, but there is much more. And one of the things that frustrates and mystifies many people are taxes on an estate.

Estate tax issues arise on both the State and Federal level. There are ways to minimize Federal and New York Estate Tax. One way to save is through a “QTIP” trust, which enables surviving spouses to bypass paying estate taxes through the use of a tax credit. Lifetime gifts and charitable contributions are other ways. Trying to do it alone will leave complications for survivors that can turn family members against each other and leave an estate open to unnecessary tax implications. The New York Probate Lawyer Blog has previously discussed the recent changes that were enacted for the Federal Estate tax.

July 6, 2011

New York Beneficiary Designations Can Impact An Estate Plan

by Jules M. Haas

Planning a New York estate requires that all family beneficiary and asset information be obtained and thoroughly reviewed. Before considering the impact of estate or income taxes, a road-map should be created that provides for the concise disposition of assets to specifically named or identified beneficiaries. The New York Probate Lawyer Blog has previously discussed this issue.

A basic concept to always consider is that a Last Will controls the disposition of assets that are held in the name of a decedent. Thus, if a person dies owning a house or bank account in his or her individual name, the provisions of the Last Will determine how and to whom such asset will be distributed. However, many assets fall outside of this rule and their ultimate ownership will be determined differently. A jointly owned bank account or real property will automatically be owned solely by the surviving joint owner upon the death of the co-owner. Similarly, a designated beneficiary of a life insurance policy or retirement plan will receive these benefits upon the death of the insured or plan participant. In all these instances, the terms of the Last Will generally cannot override the rights of the designated beneficiary. The importance of coordinating Last Will provisions with the transfer provisions of other assets that pass automatically or by operation of law is imperative. The failure to provide for all such asset items can ruin an estate plan and cause hardship for intended beneficiaries during estate settlement.

An example of the perils encountered when not precisely reconciling all asset dispositions was recently shown in the case of Diversified Investment Advisors, Inc., v. Baruch, (EDNY) 09-CV-5377, reported in the New York Law Journal on June 29, 2011. In this Federal District Court case, the decedent died leaving an annuity that designated the decedent’s ex-wife as the beneficiary. The designation was made prior to their divorce. In the divorce proceedings, the ex-wife had signed a separation agreement in which the she had “waived” claims to the annuity. In view of the waiver, the decedent’s son, who was born by another woman, claimed that the annuity was payable to the decedent’s estate, and not to the ex-wife. The Hon. Jack B. Weinstein in a decision dated June 24, 2011, found that the waiver was “sufficiently precise and explicit” to allow it to meet the test of validity and that the annuity funds should be paid to the estate and not to the ex-spouse.

While not applicable to the facts of this case, the Court did comment upon New York Estates, Powers and Trusts Law section 5-1.4 that became effective July 7, 2008 which provides, in part, that “a divorce . . .revokes any revocable . . . disposition or appointment of property made by a divorced individual to . . . the former spouse, including . . . a. . . beneficiary designation . . . in a pension or retirement plan.”

As can be seen, stale or improper beneficiary designatons can disrupt the settlement of an estate that is otherwise well planned for purposes of property distribution and estate taxes. When preparing an estate plan it is always a good idea to review each asset owned, including bank accounts, real estate, life insurance and retirement accounts. Carefully ascertain the name or names in which the assets are held. Also, check to see the names of all designated beneficiaries and contingent beneficiaries. In the event any information is missing or unclear, especially with beneficiary designations, prepare and sign new beneficiary designation forms that state precisely the desired information.

I have represented many clients in preparing their estate plans. More often than not, clients encounter out-dated forms and directions that must be modified and updated to accomplish their planning goals and protect their families from unwanted confusion at the time of probate and estate administration.

June 22, 2011

Five Biggest Ways to Bungle a Trust in New York and Tips to Prevent Them

by Jules M. Haas

Barron’s recently published an article regarding the five of the most common ways problems arise when establishing a trust, illustrating the importance of hiring an experienced New York Trust and Estates Lawyer.

Estate planning can be intimidating because it is a complex area of law that can bring stress to and cause strife among family members. But because of the financial implications, New York estate planning and wills must be taken seriously and require exceptional detail.While some people only think about the “what am I getting” aspect of a will, much more goes into the preparation and planning. One area that must be addressed is minimizing the taxes that survivors must pay. And for the family member making such preparations, there are many questions to answer, such as whether a living trust or a will would be more beneficial and who should be appointed as executor of a New York estate.

Working with an experienced attorney that has handled countless probate matters is essential. Executors are responsible for collecting and distributing assets, paying taxes, debts and claims and handling other affairs. But the executor has many legal responsibilities and must be clear on how to proceed in accordance with New York law.

Barron’s believes it is easy to mess up the three biggest questions in trust and estate planning: Who gets what, how do you minimize taxes and who is in control of the trust. On to the tips:

Faulty records: Most states require trustees to provide regular accountings to the beneficiaries, which means keeping detailed records of income, assets and distributions. Failing to keep proper records could result in a lawsuit later on by a beneficiary.

Tip: Assemble a reliable team with a money manager, trust lawyer and tax pro.

Failure to diversify: Trustees may be tempted to sit on a big chunk of stock that has served the trust well for years, especially if shares are company owned or run by the dearly departed, but it’s a bad idea, the magazine says. Trustees are obligated to thoroughly diversify investments and it’s a leading cause of litigation against trustees.

Tip: Read and follow the guidelines in your state regarding Prudent Investment Standards.

Biased distributions: Trustees owe a fiduciary duty to all beneficiaries, including remaindermen, the down-the-line relatives who will receive principal once the trust has dissolved. So, making the right financial decisions is crucial.

Tip: Once you have made a distribution decision, set out in writing the reasons, including supporting documentation.

Expecting a pay day: Individual trustees tend to assume they are going to get paid a trustee fee quickly. But it takes a lot of time to be paid, and time is given to beneficiaries to object to the payment.

Tip: Have the fee discussion early on and settle on appropriate payments. Commissions are usually set according to state statutes.

False sense of safety: One may feel honored to be asked to be a trustee, but the job takes on a lot of legal risks and liabilities.

June 9, 2011

New York Estate Planning and Probate Should Avoid Family Disputes

by Jules M. Haas

The New York Probate Lawyer Blog has talked about many different situations where disputes and competing interests among family members can arise. For example, when a person prepares his or her estate plan many decisions must be made regarding the details and provisions in documents such as a Last Will, Living Will, Health Care Proxy, Power of Attorney and Living Trust. The selection of beneficiaries, executors, trustees and agents are usually made within the context of family dynamics where the personal preferences of the person creating the documents is mixed with the differing interests and sometimes long-standing antagonism existing between intended beneficiaries or appointees.

In a related situation, a person may become incapacitated due to an accident or medical condition such as dementia or heart ailment. It may be necessary to seek the assistance of the Court by applying for the appointment of an Article 81 Guardian. In many of these cases, particularly where the Alleged Incapacitated Person (“AIP”) was ill prior to the Court application, various family members may have been involved with the AIP’s property management or personal affairs prior to Court intervention. Other family members may believe that decisions previously made by the involved parties were improper. There also may be contested Guardianship proceedings regarding whether the appointment of a Guardian is appropriate or which family member is the proper person to be appointed. Family disputes regarding a loved one’s long term care, property management and other end of life decisions are not uncommon.

For example, the recent death of T.V. star Gary Coleman highlighted some of these problems. Following his death, questions were raised as to whether Gary Coleman’s ex-wife had the authority to remove him from life support and apparently a dispute developed between the actor’s wife and his parents regarding his burial.

Many disputes among family members arise following a person’s death. Will contests and lawsuits regarding improper transfer of assets can fill the Court dockets and make headlines. Just recently, it was reported that a number of lawsuits were filed in a Salem, Massachusetts case where a widow claimed that the decedent’s sons, with the assistance of a retired judge and another lawyer, cheated her out of her inheritance. Many of the postings in the New York Probate Lawyer Blog have discussed similar legal battles.

Avoiding family disputes before and after an individual’s death should be of paramount concern. While all controversies cannot be prevented, there are a number of steps that can be taken to reduce the likelihood of family warfare. A few are listed below.

First and foremost, proper estate planning, including advance directives such as a health care proxy, should be prepared by a New York estate planning attorney. It is important to have a complete understanding of the assets that are to be transferred and the terms of the Last Will, Trust papers and other documents that are to be signed.

I have helped many clients prepare estate plans and directives to fully reflect their wishes and protect their beneficiaries.

The selection of executors, trustees and agents is important. These appointees should be individuals you can trust and who can make appropriate decisions to carry out your plan. It is a good practice to discuss a person’s appointment with them prior to naming them in a document so that it can be determined whether they are agreeable to being appointed and possibly advise them as to the terms of the appointment.

Lastly, continue to review and update an estate plan. Assets, family circumstances and planning goals tend to change over time. All planning documents should be periodically reviewed and updated to ensure that a person’s estate plan and directives reflect current situations. Many problems arise where documents that are decades old need to be updated and no longer reflect present realities.

May 31, 2011

Huguette Clark Case Should Get Interesting If Will is Contested in New York Court

by Jules M. Haas

New York Probate Lawyer Blog has already touched on the fascinating case of 104-year-old heiress Huguette Clark, who died recently in New York City.

What makes the situation unique is that Clark, who inherited a giant fortune from her father, a copper baron and one of the richest Americans at the turn of the 20th Century, was a recluse whom people rarely saw. She died at a hospital, where she lived for at least the last two decades, MSNBC.com reports. Now it is likely that her contested will could play out in the news, requiring an experienced New York City probate attorney to sort out the details.News reports of her reclusive lifestyle, despite owning an estate in Santa Barbera, Calif., a country house in New Canaan, Conn., and a 42-room apartment on Fifth Avenue in New York City in total valued at $225 million — none of which she lived in — led to a criminal investigation into how her affairs were being handled by a New York City attorney and accountant. No charges have been filed and both men told news agencies they handled her financial matters according to her wishes.

Last fall, family members went to a New York court asking that a guardian be appointed to look after her assets and well-being after the accountant and attorney banned them from visiting her, MSNBC reports. The attorney has admitted to soliciting a gift of $1.5 million after the Sept. 11 terrorism attacks to safeguard his daughter living in Israel, which may be a violation of New York ethics rules.

Huguette Clark’s father was a Montana senator at the turn of the century, who struck it rich in copper and real estate. Huguette was only briefly married and never had children. Although she inherited her father’s wealth, according to news reports, she rarely used it. Huguette was secluded in hospitals, even when she was healthy. She was guarded by fake names and paid servants.

Many fear the potential for estate fraud and undue influence where an elderly woman who is fabulously rich is being shut off from family members and giving millions of dollars to the people controlling her estate. The probate process is designed, in part, to ensure that an estate is not plundered.

Prior to death in similar cases, Article 81 of the New York State Mental Hygiene Law can come into play. Adult guardianship in New York applies when family members believe an older family member cannot manage his or her personal or property affiairs on their own or is susceptible to being victimized by others.

It’s important to be represented in Article 81 Guardianship matters by an attorney with decades of experience handling these types of cases. This area of probate and guardianship law in Manhattan and throughout the New York City Courts is complex and it is important to consult with an attorney with the knowledge and experience to assist you through the process.

May 24, 2011

Many Options For Protecting Your Family Through New York Estate Planning

by Jules M. Haas

Experts believe the best bet for protecting your family in life and death is a plan of revocable living trusts, pour-over wills, guardianship and power of attorney for health care, property and mental health care.

New York City Trust And Estate Lawyers are available to assist you in any of your planning decisions. Whether you need help planning a trust or estate, choosing an executor or preparing other probate documents, trust the firm with more than 30 years of experience in New York probate law.Many believe a revocable living trust is the first step for someone making arrangements for their assets. The living grantor, or person who creates the trust, can terminate or modify it at any time. Only upon death does it become irrevocable and the trustee can administer the trust’s assets. But unlike a last will and testament, a revocable trust doesn’t have to be probated in court. Upon death, its provisions are immediately put into effect.

Also, you should consider a pour-over will, which instructs a probate court to “pour over” property that wasn’t titled in the trust, or didn’t have a named beneficiary, into the trust for distribution. The will should also make provisions for the care of minor or disabled children in the tragic event both parents or guardians die. That will make sure the custody of the children and their financial future is secure.

Power of attorney for property, health care and mental health care issues should also be planned and executed. This allows for a duly appointed agent to take specific actions on your behalf. Who is chosen to be the power of attorney is an important step and shouldn’t be taken lightly.

All of these matters are important to address as soon as possible to make sure your assets are divided among family, friends, non-profit groups and others in the way you want them to be. Choosing an executor and assigning power of attorney are important tasks. Sadly, executors are sometimes accused of a breach of fiduciary duty, which means they have profited through self-dealing or caused losses.

So, choose an experienced New York City estate law attorney who has spent three decades helping families sort through the property that loved ones have left behind. And, should you happen to be appointed as an executor, contact an experienced probate lawyer to help ensure that an estate is dispersed properly, taxes are paid and other complex issues are handled in accordance with the law.