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Articles Tagged with fishkill estate planning law

Whether you are choosing an executor for your Last Will and Testament or a trustee for a trust you have established, it is clearly important to make the right decision. You want to choose someone trustworthy, responsible, and capable of carrying out the responsibilities being entrusted to them. That is often easier said than done, but the following tips adapted from the American Association of Retired Persons might be able to provide some guidance.

You Do Not Need an Expert

We all have a natural desire to want to work with the best when it comes to important matters. While experience in trusts and estates is beneficial, it is not required to properly and responsibly execute the duties associated with being an executor or trustee. Common sense can provide a solid foundation to perform these duties, and you may prefer a more intimate relationship with the person you are naming than you might get with a professional. In some situations, it may be best to choose a corporate trustee from an institution like a bank. However, many individuals can avoid doing this by selecting a reasonable person – which will also help you avoid the professional fee that may be associated with these services.

It is important to remember that whether your estate is subject to probate or not, you should make sure that you have designed a comprehensive estate planning strategy that effectively distributes all of your assets so that your family is not forced to rely on the state to make important decisions regarding the distribution of your estate. At the same time, smaller estate may be eligible for a process known as voluntary administration in New York. This process is also called disposition without administration or small estate proceeding, but regardless of what it is called it is important to understand the process especially if it may be applicable to you.

Basics of Voluntary Administration

Voluntary administration can take place whether or not the deceased person has left a Last Will & Testament. Typically, only personal property is eligible for distribution through voluntary administration. This means that if a deceased person solely owned real property such as a home that you plan to sell, then such property would not be eligible for voluntary administration and would presumably exceed the value of the small estate threshold. Currently, the New York small estate threshold is set at $30,000 which means that any estate valued over that amount will still be required to go through probate. Generally, any interested party may file to become the voluntary administrator of a deceased person’s estate that qualifies for voluntary administration.

Sometimes after setting up a trust, circumstances occur that change our goals for that trust. Recently, we wrote about how to fix a broken trust which occurs when a trust no longer serves the purpose for which it was established. However, a broken trust is not always the only reason a trust might need to be modified. Depending on the circumstances surrounding your trust, there are several factors to consider when deciding whether or not to move a trust.

Common Reasons to Move a Trust

One of the most common reasons for creating a trust is to take advantage of more favorable tax consequences related to trusts. As such, one of the most common reasons to want to move a trust is to take advantage of more favorable tax-related trust laws in another state. Some other reasons for moving a trust might include:

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