Just as our parents wanted to protect us from harm when we were young, we have certainly want to do the same for them as they get older. Yes, we may help them understand technology and keep up with medical reports, but making sure that our parents (and other elderly loved ones) are not taken advantage of financially becomes that much more important as they get older, even if they have made good financial decisions for decades.
An essential part of New York’s probate administration process is the orderly process of distributing the assets of the deceased to their proper heirs and beneficiaries. In the spirit of the old adage “you can’t take it with you,” many people want to know what happens to the debts they leave behind when they pass away.
If are considering an estate plan, or have been advised that you should have one, understand that the basic purpose of an estate plan is to enable you to pass wealth and property to your heirs as you see fit. However, if your estate is currently fraught with debt, your beneficiaries could be affected by creditors who will seek to settle the debts you have left behind.
We begin our latest post with the hopes that all of our readers had a wonderful holiday season. Most people began 2017 by making resolutions. However, few may make promises to create (or update) their estate plan. Invariably some of our loved ones live abroad, so this post will focus on foreign wills and whether they can be enforceable under New York state law.