New York Legal Issues Blog

It is not unusual for people to want to spend their retirement years abroad or invest in foreign property for use whenever they please. Of course, this type of move requires a considerable amount of consideration and financial planning to ensure that important details are not overlooked. Additionally, New York residents looking to spend their later years abroad may want to make sure they keep estate planning in mind.

If parties are nearing their retirement years, it is likely that they have already created their estate plans. If they choose to move abroad, those plans need to be revisited. In particular, parties may want to pay attention to how their estates could be taxed both in the United States and in the country they later reside.

Making investments can often help New York residents earn extra income, and in many cases, their investments can prove lucrative. In particular, some parties may be interested in real estate investments, and this interest could help them in numerous ways. Of course, it is important to understand viable investment options, especially for those just getting started in this area.

One of the most common ways to invest in real estate is to purchase rental properties and become a landlord. The landlord will handle the affairs of the property itself while the tenant pays rent and occupies the space. However, if the landlord chooses to handle the affairs of the property personally, he or she may find that issues are constantly cropping up. Fortunately, a property owner could hire a property manager to handle problems that arise. The latter option may be especially useful to foreign investors who may not live near their rental property.

In a best-case scenario, a loved one would have left behind an estate plan for surviving family members to follow during probate. Of course, even careful estate planning may not always address every detail of an estate, or it may not account for the possibility of conflict among family members. As a result, it is possible for New York families to face probate disputes.

Though most people want their families to come together and feel close after a loved one's passing, that is not always what happens. Some individuals may have a keen focus on how the remaining property will be distributed. If siblings do not get along, certain details of the estate plan could increase the potential for strife. For instance, if a parent names one child as an executor or trustee and does not include another child, that appointment could cause conflict if the siblings are competitive.

A New York family who has lost a loved one understands the importance of having clear documents by which they can understand the wishes of the deceased and settle his or her estate appropriately. This process is significantly more difficult when a person does not have a will or fails to update his or her will after significant life changes. Estate planning is an ongoing process, and documents should be adjusted when major life changes come along.

Life is unpredictable, and sometimes things happen that require changing the terms of existing estate planning documents. Some of these changes include divorce, remarriage, the death of a beneficiary and more. When a person fails to update plans, it can leave beneficiaries and heirs in a difficult position, and they may have to move forward with litigation simply to settle disputes and questions.