A revocable living trust is not the same as a will, and it has some special benefits. To start with, you need to understand the differences. A revocable living trust is able to be altered at any time if you change your mind, similarly to how a will works. However, a revocable living trust spares your family the hassle of probate, which is something necessary when a will is used. Probate is a court-supervised process that is always required when someone dies with or without a will. Probate is the process by which the will is read and the estate passed to the heirs.
You've been asked to be a guardian, but do you know what it really entails? Not all guardians are the same. Before you decide if you will or will not accept the request, take the time to better educate yourself about what a guardian is and does.
If a loved one passes away without a will, then it's important to understand how his or her estate is passed down in accordance with New York's laws. When there is no will, you and your family may be called "distributees" instead of heirs. This term refers to anyone who is entitled to a share of the decedent's estate. If the decedent has direct family, then the law dictates who the property goes to in this order.
In many families with an adult child with a disability requiring daily care, there is an understanding, either implicit or explicit, between the parents and other adult children that at least one of the other adult children will care for their sibling after the parents die.
Conservatorship occurs when an adult is no longer capable of taking care of himself or herself. By New York law, one person is in charge of the overall well-being of this adult and makes all relevant decisions regarding health care and paying bills.
When you plan your estate, there are ways to prevent the loss of assets due to taxes and other fees or fines. When you don't take the right steps when planning your estate, the assets you transfer to your loved ones may end up costing them money or be heavily taxed.