Building a life with another person is not always an easy task. In fact, it may take some individuals more than one try to find the person they want to spend the rest of their lives with. When New York residents do marry for the second or subsequent time, it is important that they also consider how the remarriage will influence their estate planning options.
When settling the New York estate of a loved one, you can face various challenges as you try to navigate the probate process, distribute assets as outlined and give proper notice to all beneficiaries. One of the most significant challenges that can arise at this time is a dispute over the validity, terminology or legality of the will. Contests over a will can be lengthy and stressful for all parties involved.
Though most New York residents love their family members a great deal, it can often be difficult to show that love in a manner that everyone feels is equal or at least fair. This type of scenario can become especially prominent after a parent or other close loved one dies. The person may have distributed assets in a manner he or she felt appropriate, but the surviving family may have issues with the distribution that could lead to probate litigation.
The real estate market is competitive. Many potential homebuyers, real estate investors and other parties may be interested in the same piece of property. Because this commonly happens, interested parties often bid by making competing purchase offers. This part of the real estate transaction process is important, and mistakes could result in rejected offers.
When a loved one passes away, it is up to those left behind to settle his or her estate. This can be quite a complex process, especially in situations in which a family member or other person believes he or she has grounds to contest the will. There are limits to who can challenge a will and for what grounds, but there are certain circumstances in which it is necessary to undertake this process.
Most people create a will in efforts to get their affairs in order and possibly to protect certain assets. However, if the proper estate planning steps are not taken to create the document, it is possible that it could be considered invalid. As a result, serious legal issues could come about.
It is often a wise financial move for individuals to diversify the ways in which they generate income. For many people in New York, across the country and around the world, investing in real estate is one option in which they are interested. While real estate investments can be lucrative, it can also take work.