Individuals in New York who are appointed the executor of a friend or family member's will may wonder what the role involves. An executor has a number of duties around inventorying and distributing assets and paying off debts.
Creating an estate plan is crucial for people in New York who want to pass their assets on to their children or other beneficiaries. When a person dies without a will, the distribution of assets is governed by the state's law of intestacy, which may produce a different result than the decedent had in mind. A probate judge will be responsible for naming a guardian for minor children when a parent dies with no estate planning documents covering this eventuality.
New York residents with aging parents may wish to know some of the potential difficulties that can accompany a parent's dementia. A dementia diagnosis may seriously affect numerous estate planning and long-term care issues.
Onondaga County residents who are looking into estate planning issues may be interested in how to handle a person's debt after death. The answer may change depending on the type of debt and other variables.
New York residents will likely remember Dean Smith for his incredible coaching career that spanned 36 years and included two national championships with the North Carolina Tar Heels. However, recent disclosures indicate that Smith's was also astute in the area of estate planning. Smith bequeathed $200 to approximately 180 of his former players, but it is not his generosity that has drawn praise.