On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 3, 2020 | Trust & Probate Administration
Many people residents have thought about their estate plan and considered many options in regards to their assets and how they will be distributed upon their death. Many people have decided that a revocable trust is a good idea for their estate planning needs. There...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 10, 2020 | Trust & Probate Administration
Individuals in New York and throughout the country can create living or testamentary trusts. A testamentary trust is included in a person’s will and takes effect when he or she passes. A living trust generally takes effect during a person’s lifetime, and...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 25, 2020 | Trust & Probate Administration
A typical New York resident who is under the age of 70 has up to 160 digital accounts. Therefore, it is important to consider digital assets such as email accounts, website content or brokerage accounts when creating an estate plan. An individual may opt to...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 17, 2020 | Trust & Probate Administration
Your loved ones may have an estate plan in place, but it’s not often they outline a plan for every penny. Even if they laid out generous designs for the family, failing to account for assets in the red could lead to hard times ahead. 73% of Americans will likely die...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jun 2, 2020 | blog, Trust & Probate Administration
When people in New York are writing a will, it is important to ensure that it is prepared correctly and that it does not contradict other elements of the estate plan. A will must pass through the probate process in most cases, but the process is usually faster than if...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Mar 20, 2020 | Trust & Probate Administration
Probate is the process of sorting and facilitating the estate of a deceased person. Probate procedures can vary based on circumstance and the extent of the decedent’s assets. Facing probate can be an intimidating task for many, especially so soon after the loss of a...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 23, 2019 | Trust & Probate Administration
New York residents who choose to include trusts in their estate plans sometimes find selecting a trustee difficult. Trusts provide individuals with more control over how their assets will be distributed, offer tax benefits and allow estates to be administered without...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 9, 2019 | Trust & Probate Administration
When an individual dies in New York or any other state, the executor of the estate is called upon to settle the deceased person’s affairs. The executor can either be appointed by a court or appointed by the deceased individual in a will or through a trust....
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Apr 9, 2019 | Trust & Probate Administration
New York residents might know the late Lee Radziwill as a style icon, princess, socialite or the younger sister of Jackie Kennedy. The way she handled her estate could be used as an example for others. Radziwill used a will, which is subject to probate administration...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 5, 2018 | Trust & Probate Administration
New York residents who are beneficiaries of a trust must generally be given information about the trust from the trustee. However, the scope of what must be revealed may be limited in a silent trust. Silent trusts are irrevocable trusts, and they are designed to...
