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August 2014 Archives

Robin Williams used a trust to plan his estate

Robin Williams' death affected people all over the world. However, New York fans of the late comedian and actor might be interested to learn that Williams had his affairs in order. The father of three established at least one revocable trust to handle the management of his assets, which could ensure that his heirs receive their inheritance according to the late actor's wishes. Williams left behind three children, two ex-wives and a current spouse.

Benefits of trusts for benefactors and heirs

As New York residents seek information about estate planning, they may wonder why so much attention is given to living trusts. According to experts, these tools for estate planning may not avert all possible financial problems for survivors nor protect prized assets from being distributed differently than intended, but they may enable benefactors to address delicate situations with a level of privacy not afforded by the probate process that a will requires.

Moving between states could impact the validity of a will

While a living will or trust should be honored in any state in the nation, there is no guarantee that this is the case. Individuals who have just moved to New York from another state should know that, in many cases, a document such as a will may reference one's state law as the law governing the will or even reference specific statutes that are only applicable in a particular state. This can present problems if a person moves from one state to another without updating his or her estate plan.