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April 2019 Archives

Accounting for all assets in an estate plan

Any information that a New York resident stores online could be considered a digital asset. It is estimated that the average American has $55,000 in assets that are held online. At any given time, a person can have up to 100 or more accounts that are secured by a username and password. Examples of online properties include email accounts, bank accounts and social media profiles.

The role of a trust in an estate plan

Many New Yorkers might think that a will is a sufficient document for passing on assets to loved ones. However, a trust may be a better instrument in some situations. With a revocable trust, the creator has a lot of flexibility. An irrevocable trust gives the creator, or grantor, less control. However, this instrument may have uses not provided by a revocable trust.

Avoid these 3 estate planning mistakes

Creating an estate plan can be an intimidating process. You may not understand how estate planning works because of widespread misconceptions and myths. Without the right advice and knowledge, you can make mistakes that result in financial and legal issues. 

3 probate myths

You may not know a lot about the probate process. After all, it is not natural to want to learn about things that happen after we or our loved ones die. That said, it is helpful to know the basics about how probate works, so you know what to expect.