When a person dies, especially unexpectedly, a number of conflicts can come about regarding the distribution of assets and other aspects of settling his or her estate. In some cases, beneficiary designations may come as a shock to the surviving family. If it appears that wrongdoing has occurred, probate litigation may be necessary to address the issues.
New York residents have a lot to handle after the death of a loved one. Unfortunately, their situations may only become more complicated if the decedent's estate plan was missing important documents or if a lack of clarity regarding beneficiaries exists. This type of scenario may mean that loved ones have to go through probate litigation or take other action in order to address the complications.
Investing in real estate can often help interested parties gain extra income or strengthen their investments. Some New York residents, or individuals investing in property in the state, may start off small with a few residential properties that they fix up and sell or that they choose to rent out for a more steady income stream. However, you may find yourself looking to move up to bigger opportunities, like investing in commercial property.
Many New York residents may have purchased various assets outside of the country, or they may have a different country of origin and left some assets behind while building a new life in the United States. No matter the case, it is important that individuals remember their foreign assets while estate planning. If they do not, their families may have a difficult time accounting for and obtaining those assets later.
People in New York and across the country often think that they should receive some type of inheritance from a deceased loved one's estate. In many cases, family members or other close parties are entitled to assets, but in others, certain documents may indicate that a family member no longer has a claim to certain assets. However, the situation may not end there, and probate litigation could begin in efforts to obtain those assets.