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December 2018 Archives

Think about beneficiary designations when planning an estate

When people in New York plan for the future, some of the most important decisions that they have to make about the distribution of their assets may never be reflected in their will. Even people with updated, accurate wills may need to pay attention to this issue in order to prevent their assets from being distributed in opposition to their goals. Some of a person's most significant assets, including 401(k) plans, retirement funds, investment accounts and life insurance policies, are distributed after death to a named beneficiary.

It may be necessary to revoke a power of attorney

A power of attorney is a written authorization to act on behalf of another person in some specifically defined legal capacity. When a person is creating a New York estate plan, a power of attorney provision is typically included in a will, trust or another document, such as a living will or durable power of attorney for healthcare. No matter the basis for the granting of the power or its scope, there may come a time subsequent to the creation of the power where the grantor determines it is in his or her best interests to revoke it.

How long does it take to go through probate?

When a parent passes away, the grief and sorrow are often overwhelming. On top of dealing with emotional despair, you may also have to deal with your parent's financial and personal affairs. This is especially true if the deceased named you the executor of his or her estate.

Using common sense can prevent estate planning mistakes

When creating an estate plan, it's important to make sure that the wills and trusts are completely functional. Unfortunately, many New York residents drop the ball somewhere in this phase of the planning process. This can create problems for those handling the decedent's estate. A common sense approach to these issues can avoid unnecessary delays and expenses.

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Trotto Law Firm, P.C.
140 Allens Creek, Suite 3
Rochester, NY 14618

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