Searching for your Uncle Bob’s Will or Trust but don’t know where to look???

Look at Willregistry.info .  Great central database for the document and the location of the original.

Are joint accounts safe from your estate?

The appellate division recently overturned a Nassau County case.  It was determined based on the facts of the case,   that the joint account was established merely as a convenience and that the joint owner was on the account for convenience.  Upon finding that the account was created merely to protect the assets and for the convenience of the testator, the court ordered that the proceeds be turned over to the Estate.    Matter of Dubin .

Please update your Will and other directives so that your family is taken care of.

The best thing you can do for your family is to update your Will and other directives.  

“It feels good”…when you plan. James Brown Estate found out the hard way.

Court Battles Deplete Estate assets leaving families to fight and receive less to nothing…..

Why, James Brown, why…..

Poor estate planning or no planning at all can lead to conflicts and depletion of estate assets.  Mostly, poor estate planning.   When documents are updated and done the right way, it’s a great start.  It is money well spent.  I tell all my clients, spend the few dollars now rather than have your family spend thousands of dollars later. 

 

It’s very important to keep Wills and related documents updated and complete especially after births, deaths, marriages, divorces, adoptions and other life changing events.   Even large acquisitions can affect a plan.  

Celebrities like James Brown, to name a few, did not do this.   He did not update his documents after his marriage or after the birth of his son.   This neglect opened up the flood gates of litigation among the family members that he never planned for or mentioned.   Arguments like undue influence and duress was raised.  The litigation went on for year, five years plus. 

 

I had a client who during his life time was an accountant and had accumulated a large wealth of assets.  He lived on the water in a wealthy neighborhood of Lloyd Harbor.  However, I met him after his wife passed away and at that time he presented me with a Trust plan that included a Will that he had purchased from a well-known store.  He executed the Will at a local bank.   And he told me that it was very inexpensive, about $50.00 for the document and he typed it up.   I tried to explain to him the possible issues that could occur but he insisted it was fine and he was not spending the money on an attorney to draft a Will when had one so cheap.   Well, after his death, his relatives filed Objections – they contested the Will.   I conducted the deposition of the witnesses at the 1404 EBTs allowed by the Court rules and the witnesses really could not remember what he said that day, if he was of sound mind, or really anything other than the fact that they recognized their signature.   After the depositions were over with, I knew that we may not get the Will admitted to probate since the witnesses could not testify if all the requirements were met when executing a Will.    The estate spent over $28,000.00 defending and trying to probate the Will.  A settlement was reached which admitted the Will to probate but the Estate ultimately was not distributed as the decedent wanted. 

 

The attorneys will draft the Will, take notes, and all necessary precautions when it’s executed to ensure that the Will is admitted to probate and that decreases and eliminates litigation.  The attorney is also another witness to the execution and what the decedent truly intended. 

 

Do not be like others and James Brown, but do update and plan you Estate because it does “feel good,” when it’s done.   And done correctly. 

 

 

 

 

What you and your loved ones need to know about power of attorney, living will documents and guardianships…plan ahead

Guardianships can be avoided through the use of living wills and powers of attorney documents.   Living Wills and powers of attorney can provide for that person and their family when the person is temporarily or permanently unable to handle his or her own affairs due to an illness or injury.

Advance instructions about health care preferences are commonly given in documents called living wills.  The laws of every state allow individuals to use living wills to direct health care providers and caregivers on the use of or withholding of life sustaining medical treatment, drugs or other treatment that may be offensive or not wanted by that individual for many reasons,  including religious reasons.

A power of attorney document is a document that authorizes a person to act as one’s agent on behalf of another.  You can have two individuals act together if necessary.   The agent can make decisions such as paying bills, investing money, filing tax returns, authorizing medical treatment (in certain states) and much more.   It’s an important document that everyone should have but also it needs to be kept in a safe place as your attorney can instruct you on that.

Should you become incapacitated and you do not have a power of attorney document, you may need a guardian.  Guardianship is a legal procedure by which a court declares an adult incompetent and appoints someone to manage the affairs.

Visit our website for more information or email us.  See an attorney regarding your estate planning.  You are never too young to prepare and take the basic steps.  Your lawyer can advise you on what documents you need how to prepare them and safe guard same.

Plan ahead.  The most tragic story is when someone becomes incapacitated and they now need to have a power of attorney executed but it’s too late. They do not have the mental capacity to execute it.  So since most of cannot predict the future, you need to have the documents in place before it’s too late.  The documents can be modified as your circumstances and life changes but it’s important to have them in place. Do not leave your loved ones with this burden.  It’s simply not fair to them or to you.

One last point, since we have extended families now, your Will is also important so that those whom you wish to inherit your Estate do and those you do not wish to receive anything do not.  Only a Will can do that.

We all plan financially; this is just one more part.