Wills

Should I Pass on Heirlooms Before I Die?

Friday, October 23rd, 2020

Many people have family heirlooms that they have inherited from their parents or grandparents. Some of these items may have been in your family for generations and hold significant sentimental value, if not actual monetary value. Even those that aren’t as old, such as a piece of jewelry your grandmother owned, may be considered valuable...  read more

Using a Trust vs Leaving Assets to Heirs in a Will

Saturday, August 15th, 2020

You can leave assets to your heirs in two different ways: through a will and through a trust. Both have their pros and cons, and neither is inheritably better than the other. If you’re beginning the estate planning process, it’s important to understand how these two options differ so you can determine which one works...  read more

What Is a Spendthrift Trust?

Wednesday, July 15th, 2020

There are a number of different types of trust funds you can create to leave assets to your heirs. One of the more limited types of trusts is called a spendthrift trust. This type of trust does not give the beneficiary direct access to any of the money in the trust. Instead, the trust pays...  read more

Who Can You Disinherit?

Monday, June 15th, 2020

If you have had a major falling out with a family member, you may want to legally disinherit them. This term simply means you leave them nothing in your will. Legally, they are not entitled to any asset or part of your estate. Of course, as with any legal action related to your estate, there...  read more

When Should You Change Your Will?

Wednesday, April 15th, 2020

Your will is one of the most important documents you’ll ever write. It outlines your final wishes and what you want done with your assets. While a lot of people only think about writing their will once, it’s actually a document you should update from time to time. When should you change your will? Here...  read more

Household Debt Tops $14 Trillion as Mortgage Originations Reach Highest Volume Since 2005

Tuesday, March 17th, 2020

NEW YORK – The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit, which shows that total household debt increased by $193 billion (1.4%) to $14.15 trillion in the fourth quarter of 2019. This marks the 22nd consecutive quarter with an increase, and the...  read more

What is the Probate Process Like?

Sunday, March 1st, 2020

When a person dies, their estate will go through the probate process. The main point of probate in New York is to examine the person’s will or other document to determine if it is valid and legally binding. If it is, the process can be quite short. If it’s not, however, or if there’s a...  read more

Do I Need to List Every Item I’m Leaving to Someone in My Will?

Wednesday, January 15th, 2020

If you have a lot of assets or a number of sentimental things you want to make sure are given to the right people upon your death, you may be tempted to sit down and write out a very long will that includes all of these items. This is certainly one option, but it does...  read more

Why You Shouldn’t Wait to Write Your Will

Wednesday, August 28th, 2019

Many people find the idea of writing their will a little morbid. After all, it does mean acknowledging that you’re going to die someday, and that’s not a pleasant thought. But putting off writing your will isn’t a good idea, even though it does mean thinking about things you might otherwise not want to contemplate....  read more

I Know Someone Will Challenge My Will – Can I Do Anything About It?

Monday, July 29th, 2019

Most people feel confident that their heirs are going to carry out their last wishes exactly as they have been laid out in their will. However, this is, unfortunately, not always the case. Wills can be challenged, and if you’ve had a major falling out with someone and removed them from the will, they’re likely...  read more