Real estate may become an interest of individuals in New York and around the world at different stages in their lives. Some people may know they want to invest in commercial property at early stages in their business lives, and others may not have an interest until later in life when looking for more passive income. Still, when acting as a commercial landlord, it is important to understand the work.
Investing in properties, both developed and undeveloped, can be a profitable business. Whether you are from the United States or just want to invest in property here in New York, you may want to consider protecting yourself from personal liability should anything go wrong.
Individuals often create estate plans in hopes of making the process of closing the estate and managing affairs easier. However, New York residents cannot control how their surviving loved ones will actually handle those tasks, and it is common for conflict to arise over estate-related matters. Even with instructions from an estate plan, parties can have a difficult time discerning exact meaning, and some may file for probate litigation to get a final answer from the court.
While an individual's passing means that his or her final affairs need to be settled, it is not unusual for complications during that time to arise. For instance, if a person or organization was expecting to receive a bequest from a New York estate only to find out that the terms of a will had changed, will contests may be warranted. As a result, the probate process could become more complex.
Most New York residents want to settle their loved ones' final affairs as easily as possible. However, that is not always how such scenarios work out. In fact, concerns could arise regarding whether the deceased person suffered abuses that diminished the estate or otherwise resulted in a distribution of property that the decedent did not intend, which could lead to probate litigation.