Trusts are useful estate planning devices that allow New Yorkers to pass their property to others without the burdens and costs of having it go through probate. While it is often the case that individuals set up trusts to support themselves and their family members, from time to time estate planners wish to benefit charitable organizations through their end of life planning. In this capacity, charitable trusts can be helpful to implement.
While the topic of divorce may be familiar to readers of this New York legal blog, the specific nature of individual divorces can be very different. That is to say, the resolution of one divorce and its related family law issues may be very different than the resolution of similar topics in another divorce. The unique factors and circumstances of each divorce will dictate when and how it will conclude.
As a parent, you are biologically programmed to be protective of your child. When you are facing the prospect of dividing time with them or losing touch with them, this can be extremely scary. It is natural to feel anger and panic in this situation. However, it's likely that these emotions will be of little help to you. Instead, you should try and remain calm while thinking logically about maximizing your chances of success.
Intestate succession refers to the process of distributing a decedent's estate when the decedent does not have a will. As our readers are aware, a will is an important testamentary document that provides guidance on how the assets and property of a person's end-of-life estate should be distributed once they have passed on. While a will gives a person control to make important decisions about their wealth and property, the absence of one give these powers to the state.
A previous post here discussed the importance of including durable powers of attorney in the estate plans of Buffalo residents. In review, a durable power of attorney gives a named party the right to make financial decisions on the part of another person who is unable to do so due to incapacity. Incapacity can happen to anyone at any time. An accident or unexpected illness may leave an otherwise healthy individual without the power to take care of their own affairs.
Many New York residents dream of starting their own businesses and becoming their own bosses. They may have envisioned futures in which they set their own goals, work their own schedules and enjoy their own profits. Not everyone who has these fantasies will follow through and create their own business entity, and not everyone who does will do so in a way that is sustainable.
Business law permits verbal contracts in many situations, but most businesses in New York rely on written contracts when making an agreement with another entity. Because contract formation is so integral to many businesses, it is important to understand what the elements of contract formation are, so that the final agreement is legally enforceable.