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Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls.

In New York State, a parent has no obligation to leave an inheritance to a child. Many other countries have “forced heirship” which prohibits parents from disinheriting children, but Louisiana is the only US state with such a law.

The word is defined as “the ability to be easily moved,” but in the context of Trusts & Estates, it means much more. In this regard, portability is one of the strongest tools in the planner’s toolbox to reduce or eliminate federal estate taxes after the deaths of a married couple.

Surrogate’s Court hears cases involving the affairs of decedents, the probate of wills, and the administration of estates. The Surrogate’s Court also handles certain types of guardianship petitions and adoptions.

Whenever a loved one passes, especially one that was depended on, it is often difficult for one to even consider the next steps, yet alone know what those steps are.

Not all estates require a probate or full administration proceeding in New York State. A small estate proceeding, also known as a Voluntary Administration, is a simplified Surrogate’s Court procedure. Voluntary Administration is available if the decedent died with or without a Will.

The legalities surrounding a Last Will and Testament stem from Roman times, when six witnesses affixed their personal seals to a Will. The Will was later validated by examining these seals to make sure they remained intact.

Pursuant to New York State law, you cannot completely disinherit a spouse. A surviving spouse at the time of a decedent’s death has a statutory right to inherit an “elective share” of the deceased spouse’s assets.

One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted.

Passing away without a Will is known as dying “intestate.” Many people mistakenly believe that if they die without a Will their assets go to the State.