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What Might Be Missing From Your Trust?
Probate is often triggered not by major assets, but by small details that were unintentionally overlooked.
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.
Did you know that banks, insurance companies, corporations and courts are required by law to report dormant accounts to the New York State Comptroller? These organizations must attempt to notify you by mail and publish this information in newspapers.
The Build Back Better Act was passed by the House of Representatives on November 5, 2021 and is headed for the Senate. None of the major provisions that would have affected estate planning were included in the House version.
An executor is the individual appointed to administer someone’s Last Will and Testament. An executor of a New York estate is not expected to administer a decedent’s estate for free.
Couples who are both U.S. citizens receive the benefit of the unlimited marital deduction on federal estate and gift taxes. The idea is that the surviving spouse pays any estate tax at their death. In contrast, transfers from a U.S. citizen to a noncitizen spouse do not enjoy this benefit.
Wills and revocable trusts often refer to the terms “per stirpes” and “per capita”. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death.
