News from the Desk of Ruth P. George

Who Should Be My Executor? Tips for Choosing the Right Person (or Entity)

Sun, 01 Feb 2026 12:23:04 GMT

When people sit down to work on their estate plan, they often start by thinking about what they’re leaving behind - the house, the accounts, that family vacation home we mentioned recently , the sentimental items. But one of the most important decisions they’ll make is not about assets at all. It’s about the people who are involved in the process.

Specifically: Who should be my executor?

For the families we work with throughout Western New York - or really wherever you may call Home, this question and decision is often underestimated. Many people assume the executor role is clear-cut and mostly administrative. Some think it’s simply a formality. Others assume the “obvious” choice is always the right one. But despite what people may assume, what we see time and time again is that when this nomination is taken seriously and considered thoughtfully, those estates are administrated with far fewer hiccups and issues with less time and money spent during the course of probate.

In reality, nominating an executor in your will (especially for will-based estate plans!) is one of the most consequential decisions in your estate plan. The person you nominate will be responsible for navigating your probate, managing legal and financial responsibilities, communicating with all beneficiaries, and making judgment calls. This all occurs during what is often an already emotionally charged time. Considering the consequences of this decision, taking the time to understand the role of executor and then nominating the appropriate person (or entity) is certainly wise! It can make the difference between an orderly probate process versus a long, expensive and stressful one. As well, it can make the difference between keeping family relationships intact or causing family relationships to tear apart.

So, let’s take a minute and talk honestly about what being an executor actually involves - and how to actually nominate the right person (or entity) for your situation!

What Does an Executor Really Do?

At face value, an executor is the person nominated in your will who has the first right to petition Surrogate’s Court to be officially appointed based on the various documents submitted at that time. Once appointed by Surrogate’s Court, the executor can move forward to carry out his/her duties. These duties include understanding and carrying out the terms of your will subject to the entire estate administration process. But that simple description doesn’t capture the reality of the many big and small decisions and obligations that this role carries! In order to nominate the right person (or entity) for the job of executor, you need to understand the job responsibilities.

To start, this entails working to actually get the will admitted to probate. This, in an of itself, is a process. Even with a will, there are various requirements and paperwork that must be submitted to Surrogate’s Court. If the person nominated as the executor has roadblocks at this juncture, it can be for a variety of reasons. But, certainly even with this beginning period, the person nominated in your will as executor will effect how the estate may begin to unfold.

In New York State, once the will is admitted to probate, the executor is responsible for, in addition to other things:

Identifying and safeguarding your estate assets
Managing and handling your assets appropriately (including real estate, bank accounts, investments, business interests, personal property, pets, etc.)
Assessing and paying appropriate estate debts owed
Paying various estate administration expenses
Filing various tax returns and paying appropriate taxes
Communicating with beneficiaries and interested parties
Filing various documents with Surrogate’s Court throughout the entire estate administration process
Handling potential litigation or issues during the course of the estate administration
Providing an accounting or accountings to appropriate parties
Working with professionals to handle the various estate administration matters
Obtaining necessary documents from beneficiaries
Making appropriate distributions at the appropriate time within the estate administration process
Handling final matters, including final tax returns and closing the estate
Dealing with potential issues after closing the estate (if that does occur!)

The New York State Unified Court System describes probate as the process used to “determine the validity of a decedent’s will and to appoint a legal representative to administer the estate.” Where there is a will that nominates an executor and that person or entity then becomes appointed by Surrogate’s Court, that “legal representative” is then the duly appointed executor - and the court expects them to act carefully, transparently, and in the best interests of the estate. Contrary to popular opinion, this is not a passive role at all! It requires time, organization, emotional resilience, and a willingness to work with professional help.

Why the “Obvious Choice” Isn’t Always the Right Choice

Many people default to naming a spouse, eldest child, or closest family member as their executor. Sometimes that makes sense! Sometimes… it doesn’t. We often remind clients: being the executor is not just a compliment or honor - it’s a tough job. And like any job, the right candidate depends on the responsibilities involved.

Here are a few common assumptions that may ring a bell as your venture down your own path of nominating an executor:

“My oldest child should do it.”

Unfortunately, age doesn’t guarantee organizational skills, maturity, emotional neutrality, or availability.

“My child who lives closest should do it."

Proximity can help, but it doesn’t help that child get along with siblings or other family members. WHO the person actually is matters!

“My spouse is the first choice, of course.”

Potentially, if a spouse is in declining health or experiencing cognitive decline, it’s important to consider other options. If a person is nominated as executor, but, cannot act, he or she would need to sign what’s called a “Renunciation” stating he/she does not want the job! But, here’s what so important - if a person lacks capacity (or refuses) to even sign the legal document, there will be further complications. The court may need to appoint a “Guardian ad Litem” who would act on behalf of a person who cannot act for themselves. This is an attorney who investigates matters and reports back to the court. Or, potentially, this will cause another party to file papers with the court, such as a cross-petition for probate, which leads the estate down the path of confusion and further issues. Again, nominating an appropriate executor to act is just so critical when it comes to probate. Your will must be up-to-date with your executor nominations!

"Everyone gets along - it’ll be fine.”

Even close families can struggle once grief, money, and legal timelines are thrown into the mix. Assuming that everything is just going to work out isn’t a direct path forward, and can lead to significant family conflicts, time and thousands of dollars spent, and often a probate that wasn’t what you had actually thought would happen.

The entire process of estate administration in places like Erie County and Niagara County, even under the best circumstances, can take a good year - and sometimes longer. If the executor is unprepared, overwhelmed, or in conflict with other beneficiaries, the process can stall quickly.

Key Qualities to Look for in an Executor

Rather than focusing solely on family roles, it is almost always wiser to focus on skills and temperament . Here are the qualities we encourage people to consider when making this decision.

1. Trustworthiness

This may sound obvious, but it’s paramount. An executor has access to all of your sensitive information and significant authority with your accounts. The court expects them to act honestly and in good faith.

2. Organizational Ability

Executors are responsible for paperwork, deadlines, records, and documenting all of the transactions and various details of numerous estate matters. It’s crucial the executor be able to provide pertinent information to his/her attorney. There will be court filings, financial statements, correspondence, receipts and so on that will come into play. Someone who struggles with organization may find the role overwhelming.

3. Emotional Steadiness

The executor is often the point person for family questions, frustrations, and concerns. This can be especially challenging if disagreements arise. The ability to remain calm and level-headed is critical.

4. Willingness to Ask for Help

No one is expected to know what goes into all that goes into probate or estate administration. A strong executor understands the importance on relying on professionals - including attorneys, accountants, realtors, appraisers and so on - rather than trying to “figure it out” alone. Who is your relative or person that is always willing to ask for directions?!

5. Availability

Serving as executor takes time. Someone with demanding work obligations, health issues, or frequent travel may not be in the best position to serve, even if they are otherwise an ideal candidate. As well, if they are unable to travel or need assistance with getting to and from places (ie: attorney’s office, banks, etc.), this can cause problems within the estate administration process. That item that needs to get done gets harder and harder to handle!

6. Health and Cognitive Abilities

If a person lacks the necessary mental capacity to serve or, potentially, will not be able to effectively serve as the executor for the duration of the estate administration, this can cause further issues. When a person cannot act on his/her behalf due to a lack of capacity or other disability, the court may appoint a “Guardian ad Litem” to act on that person’s behalf. This is, in itself, a process, necessitating further requirements, delays and fees for the estate. As well, if an executor is unable to complete the estate administration process, a successor executor would need to be appointed by the court; the successor executor who would need to review the actions of the prior executor. All of this causes further time, costs and delays in probate.

7. Basic Eligibility Requirements

New York law has its’ own basic eligibility requirements which include:

Must be at least 18 years of age
Must be legally competent
Cannot be a “non-domiciliary alien” (generally, a person who is neither domiciled in New York nor a United States citizen) unless other requirements are met, with the court’s discretion
Cannot be deemed “unfit” by the court (this could be due to substance abuse, dishonesty, lack of understanding, etc.)
Cannot otherwise be disqualified (this could be due to the inability to read/write English or potentially a person with a felony conviction with adverse implications to the estate)

Family Dynamics: The Issue No One Wants to Talk About

Even in families with the best intentions, dynamics can shift quickly after a death. Longstanding tensions may resurface. Financial stress can amplify emotions. Misunderstandings can turn into full-blown disputes.

We often see challenges arise when:

The executor is also a beneficiary and cannot remain neutral
Siblings disagree about timing or fairness of distributions (even personal items can be a major source of dispute!)
One person feels excluded from decisions
Communication isn’t consistent or clear

These situations don’t necessarily mean someone has done anything wrong. They simply reflect the reality that probate is both a legal and an emotional process.

Nominating an executor who can communicate clearly, handle various documentation with estate matters, and maintain transparency is often one of the most effective ways to reduce conflict, even if you know your family is ripe with conflict!

Should You Consider a Professional Executor?

In some cases, naming a neutral third party - such as a trust company, bank or professional fiduciary - can make sense! This is more common when:

The estate is complex
Family relationships are strained, or you have distant family members
You have multiple properties or business interests
You are concerned about the executor acting in a neutral fashion
You do not trust or are concerned about potential people acting as executor
Family members or others you would consider to act as executor travel frequently, live overseas or are otherwise unable to travel (and you need to assess how this would affect the estate)
You do not have individuals who would meet the basic eligibility requirements to act as executor
No suitable family members or other individuals are available

A professional executor brings experience and neutrality, but also comes with required commissions. A family member who is acting as an executor may also take commissions, but, sometimes declines to do so. This decision on nominating an executor most suitable for your situation is best made with the guidance of an estate planning attorney who understands both the legal and family considerations involved. Allowing yourself to have an honest conversation with your estate planning attorney regarding the executor nominations can make a critical difference in how your estate unfolds - and, loved ones’ relationships stay intact!

What Happens If You Choose Poorly - or Don’t Choose at All?

If the executor you have nominated is unable or unwilling to serve, or if you don’t actually nominate one or there is a lack of an alternate or alternates nominated but needed, there will be a need to fill in that gap. With this gap in the role of executor, appropriate parties can petition the court requesting who that person or entity should be with the court then making its’ own determination. That person or entity may not be who you would have chosen.

According to Cornell Law School’s Legal Information Institute , when a person passes, if no executor was named or if they are unwilling or unable to serve, the court appoints a fiduciary to administer the estate.

All of this can result in delays, added costs, and outcomes that don’t align with your intentions. Therefore, while it isn’t like your estate just disappears if you don’t nominate an appropriate executor (and appropriate alternate executors), the estate will have further complications. The estate certainly may not be carried out the way you had imagined and, as stated throughout this blog - will come with further delays, time and costs!

Some Extra Questions to Ask Yourself

As you think through this decision, here are some of the top general questions we ask our clients who are going through the process of nominating an executor:

Who do I trust to act responsibly and transparently?
Who is organized, and can handle various paperwork and details?
Who can manage family communication AND remain calm?
Who is actually willing? (some people might say no!)
Who will ask for help (from legal, accounting and other professionals)?
Who should I name as appropriate alternate executors?

And just as importantly: Have I talked to these persons about the role?

Serving as executor is a significant responsibility. A conversation ahead of time can prevent surprises later.

Nominating an Executor Is About More Than Convenience

Your executor plays a critical role in how your estate planning intentions are carried out - and how your loved ones experience the probate process. This decision deserves thoughtful consideration, so make sure you take the time to consider all of your options!

If you’re working on your estate plan or revisiting an existing will, we’re always happy to help you think through this choice carefully. Whether you’re in Williamsville, Amherst, or the greater Buffalo area, understanding how executor selection fits into the bigger picture of estate planning and probate can save your family time, stress, and unnecessary expense down the road.

To learn more, visit our Estate Planning or Probate pages, or reach out to schedule a consultation. We’re here to help you make informed decisions that truly support your family - during life and beyond.

Keeping the Vacation Home in the Family: Intentional Estate Planning Required!

Wed, 07 Jan 2026 20:52:50 GMT

For many families we work with, we encounter a situation involving some kind of vacation home whether it’s the “family cottage”, the “home away from home”, or the “vacation home” - often this property isn’t just thought of as a piece of real estate … It encompasses memories, feelings and family history that are unique to that special place!

It may be the place where family gatherings brought lessons in family history or the place where building a cabin brought lessons in patience and new skills or the place where enjoying the outdoors meant hiking, fishing and campfires. It may be the place where family spent summers, where family time was the best time, where cousins bonded, where grandparents told the same stories every summer, and where everyone felt like they were home . Whether your vacation home sits near one of the Finger Lakes, is tucked away in the woods, or just outside of Buffalo, these vacation homes carry sentimental weight that is different from your primary residence.

And yet - without the right estate planning, a beloved vacation home is often the first asset to spark conflict, confusion, or even litigation. People may not be as concerned about other assets in the same sense as the vacation home. As well, as property values rise, including in places throughout Western New York, the financial stakes get higher, too. The goal isn’t just to “leave the vacation home to the kids” - it’s to create a plan that actually works for your family dynamic and avoid a costly probate.

Let’s discuss what it takes to pass down a vacation home in the best way possible, why it’s more complicated than many expect, and how thoughtful estate planning can protect both the property and your family harmony.

Why Vacation Homes Are Tricky Assets in Estate Planning

Real estate can be really tricky when it comes to estate planning - and, especially so with a vacation home. That because a vacation home is rarely just a simple asset - it’s a bundle of financial responsibilities, emotional attachments, and logistical decisions. That’s what makes intentional (and well thought out) estate planning so important.

A vacation home has several potential friction points that can lead to complicated family conversations, both during the owner’s life and at the time of the owner’s passing. The owner is the person who has title to the real property according to the deed recorded in the pertinent County Clerk’s Office. The owner could be one or more than one individuals who then own the property in a manner pursuant to the deed language (for example, as tenants-in-common or joint tenants or tenants by the entirety, etc.).

During an owner’s life, a few friction points are:

The singular owner experiences cognitive decline
An owner who holds title with another individual experiences cognitive decline
An owner has judgments/liens or other issues that can affect the real property
An owner become the victim of financial exploitation or other forms of undue influence
An owner needs nursing home care
The property becomes encumbered by judgments/liens
An owner goes through a divorce
An owner is unable to maintain the property

At the time of an owner’s passing, a few friction points are:

Lack of intentional estate planning
Difficulty moving forward with probate
Lack of legal authority for handling the owner’s interest in the real property
Lack of funds for ongoing expenses - for example, property taxes, upkeep, insurance, repairs (and even if during an interim period while a probate proceeding is getting underway)
Lack of understanding management of the property
Multiple heirs (or beneficiaries) with different financial situations
Sentimental attachment that doesn’t always match practical reality - for example, the daughter who simply can’t afford the vacation home but wants it more than any of her siblings
Risk of disagreements over selling vs. keeping the property - for example, one sibling wants the vacation home, the other could use the $$$, and one wants to live at the property as their primary home which others disagree with
Co-ownership issues , especially when siblings have different lifestyles or incomes that cause disagreements on the use of the property and the various financial matters involving the property
Co-owner’s own estate planning or lack thereof - What may happen if real estate is co-owned and one owner becomes incapacitated or passes? How will a co-owner’s own estate planning (or lack thereof) affect other co-owners? for example, a co-owner’s creditors affect other co-owners

These are several very real potential reasons why many families unintentionally set loved ones up for conflict. It’s crucial to understand that issues can occur during an owner’s life, as well at the time of an owner’s passing. When these issues come up, the lack of thoughtful intentional estate planning becomes glaringly disappointing. Without being clear on goals, addressing potential risks and supporting your family with the right legal structure in your estate planning documents, things can go wrong quickly. So, where do we go from here? Let’s break down some of the options you have!

Option 1: Leaving the Vacation Home in Your Will

This is the simplest option on paper, and what many people choose to do, but we believe it’s because they just don’t know better yet! Leaving a vacation home in your will can actually create the most confusion in practice. A will can specify who inherits the vacation home, but it must go through probate . During probate, disputes, delays, and costs can arise - and even without prolonged disputes, the process of probate can be longer than expected or desired. In Erie County Surrogate’s Court, for example, probate administration should take a good year, if not longer.

While we would like to assure you, having a will as a “safety net” (for any number of reasons) is still absolutely essential, for something like a vacation home we strongly urge you to consider a few alternatives that will reduce the chance of a dispute and avoid lengthy probate administration. As well, leaving the will as the only estate planning vehicle does NOTHING to address concerns during your life. Whether it’s planning for an owner’s potential incapacity or protecting the asset from potential future creditors or other concerns - a will is not going to help.

Option 2: Creating a Trust (Revocable or Irrevocable)

While putting the vacation home in your will is AN option, there are others that you may want to consider. One of them is putting the vacation home into a trust. This is one of the strongest ways to avoid probate and provide greater control and clarity. In terms of lifetime trusts, you need to consider either a revocable or an irrevocable living trust.

Revocable Living Trust

With a revocable living trust, you remain in full control during your life. At your passing, the Successor Trustee will follow the Trust Agreement which will provide what should happen with the vacation home - it may remain in trust or be distributed to the trust beneficiaries (depending on the desired planning). This allows privacy and continuity, and avoids probate for this asset altogether (and the costs and potential conflicts that go along with it). You can provide for

various contingencies within the Trust Agreement. The Trust Agreement is like a road-map for what you want, both during your life and at your passing. With this in mind, you can have any number of flexible ways to handle the vacation home - from who should manage it and how they should manage it in the event you cannot, to what is permitted during your life, to what should happen at your passing and to what should happen in the event of various potential contingencies. Remember, the future can have some unexpected twists and turns! This type of road-map is best laid out in a Trust Agreement which has instructions and requirements for the Trustee and Successor Trustees to follow. Some of those instructions equate to beneficial flexibility for the Trustee into the future. Flexibility is certainly an important consideration.

Irrevocable Trust

Irrevocable trusts can be more protective, especially in guarding against potential undue influence, elder abuse or improper actions by others into the future, as well as with respect to long-term asset preservation (including Medicaid planning or shielding the vacation home from potential future creditors). An irrevocable trust has more limited options in so far as providing flexibility into the future (which can be seen as both positive and negative depending on the goals and the various factors involved). For families wanting to ensure the vacation home stays protected for the long haul, an irrevocable trust may be a helpful tool in your estate planning

toolbox.

Option 3: Creating a Vacation Home Agreement / LLC

Writing an agreement specific to the vacation home is an additional option that can be worth considering depending on your family’s situation. This is not a substitute for a trust or will, but rather an additional written plan that outlines:

How expenses will be shared
Who can use the property and when
How decisions will be made (repairs, rentals, improvements)
What happens if one person wants out
How disputes will be resolved

A vacation home agreement can dramatically reduce tension later, especially when adult siblings or extended family members are involved. It puts expectations on paper before misunderstandings have the chance to grow. An important consideration with a vacation home agreement is that it does NOT transfer ownership and therefore does not avoid probate for the family. It can, however, be an important and useful tool that is part of other planning in order to minimize conflicts down the road.

This kind of agreement can be formalized as part of an operating agreement in a Limited Liability Company (LLC). An LLC can be created and the vacation home can be transferred to the LLC. The LLC’s Operating Agreement (or a separate agreement) will control what is required of members and what they can and cannot do with their respective member interests. The LLC can be managed by a manager or a member (or members) of the LLC. Or, potentially, if the vacation home was transferred to a lifetime trust, the Trust Agreement could require the Trustee set up an LLC at some point in the future.

Option 4: Passing the Property to One Heir (With Equalization)

If only one child truly wants the vacation home, or has the means to maintain it, you can structure your estate so that person inherits the vacation home while others receive different assets of equal value.

This avoids forced co-ownership and keeps relationships intact - a priority for many families that we serve in Western New York.

Of course, this begs the question as to what other assets may exist at your passing, what debts and expenses there may be at that time, how any such equalization shall be provided for in your pertinent estate planning documents, how the vacation home and other assets are appraised and so on.

Option 5: Transferring Ownership During Life

Gifting the vacation home during your life can:

Keep the asset out of your probate estate
Allow you to guide the transition
Potentially prevent disputes after your passing

But this method must be handled very carefully. There are tax consequences to consider - for example, if there is a completed gift, the transferee (the one receiving the property) takes the “carryover basis” of the transferor (the one giving away the property) which can be disastrous at a time of sale with capital gains consequences. As well, there are implications with Medicaid, gift tax filings and what estate planning or lack thereof the transferee has in place. The vacation home could even be lost due to creditor issues or eventually end up in the hands of unintended

individuals - this can, obviously, wreak havoc on this kind of “planning”. If this is an option you are considering, professional guidance truly matters - Make sure you discuss this very thoroughly with your estate planning attorney and CPA prior to taking action!

The Emotional Side No One Talks About

Families often say, “everything will work out.” But after working with family after family after family, we know that grief, money, nostalgia, and stress make perfectly reasonable people do less than reasonable things when it comes to inheritance. While families always have the best intentions, emotions running high can destroy relationships, as much as we hate to say it.

Here are some of the top situations that we see that often complicate matters:

One heir wants to sell; another refuses.
One sibling can afford repairs; another can’t.
Spouses get involved … Enough said.
One heir becomes incapacitated.
One heir has a judgment against him/her.
One heir dies exposing everyone else to his/her estate matters (and problems).
One heir “moves in” as his/her principal home and doesn’t want to leave.
Someone feels “more attached” or spent more time at the vacation home than other siblings or individuals and therefore assumes they deserve more decision-making authority.
A big repair bill arrives, and no one can agree on how to split it.

If any of these scenarios are setting off alarms in your mind as potential problems within your

own family, we’d urge you to consult with an estate planning attorney to devise a clear plan that keeps peace for your family!

A Practical Checklist: Protecting Your Vacation Home Through Estate Planning

Here’s a helpful starting checklist to make sure your plan is solid, intentional, and family-focused:

1. Identify Your Long-Term Goal

Keep the vacation home in the family
Pass it to one heir
Sell it and divide proceeds
Preserve it for future generations through a trust / LLC or a combination of both

2. Determine Who Will Realistically Maintain the Property

Consider financial ability, location, and willingness.

3. Decide Whether You Want to Avoid Probate

Trusts can help - especially with vacation homes that risk disputes.

4. Gather Key Information

Deed
Mortgage details
Insurance
Estimated annual expenses
Any rental history

5. Choose the Right Legal Tool(s)

Revocable trust
Irrevocable trust
Will
Lifetime transfer
LLC

6. Create a Cottage Agreement

Outline expectations, schedules, responsibilities, and financial contributions. And, remember, this should be part of other planning and be incorporated into it.

7. Review Tax and Other Implications Carefully

Work with an estate planning attorney and accountant to consider implications such as estate

tax, gift tax filings, capital gains implications, beneficiary concerns, potential creditor concerns and so on.

8. Update Your Estate Plan Regularly

Especially after major life events (new marriage, divorce, purchase of another property, etc.).

Your Vacation Home Is Part of Your Legacy - Let’s Protect It

If your goal is to keep your vacation home in the family, a thoughtful estate plan is the only reliable way to make that happen. It's not just about avoiding probate - it’s about setting your loved ones up for harmony, clarity, and success through carrying on your wishes, during life and after your passing.

If you’re ready to start putting together your own estate plan, we are always here to help you

understand the tools available and choose the best path for your family and your legacy. Visit our Estate Planning or Trusts & Wills page to learn more about your estate planning options, or reach out to schedule a consultation. We’re here to help protect the places and memories that matter most!

Joint Accounts and Beneficiary Designations: Our Top Tips When It Comes to Estate Planning

Wed, 26 Nov 2025 16:14:46 GMT

When most people think about estate planning, their minds jump straight to setting up a will, choosing agents for their power of attorney, or maybe setting up a trust.

But in our conversations with clients, one thing becomes clear again and again: taking a look at joint accounts and beneficiary designations is often overlooked, and matters just as much as having a will or trust or other estate planning documents in place.

Why, you might ask? Because these types of assets can be handled inappropriately during your life, and/or pass in a way you did not intend at your death. Let’s start with the latter, as that often becomes a main focus for people. What will happen to an asset upon your passing? For a joint account or an account that names a beneficiary, that asset will pass outside of probate. That means the way those accounts are titled today can override even the most carefully written will or trust. And without a clear plan, the result can be confusion, hurt feelings, family disputes, or assets going to someone you never intended upon your passing. As far as what can happen to a joint account during life, you’ll need to consider who may be a joint owner on the account, the powers that they will have, what creditor or other negative issues of theirs could impact you and what you intend for the account at your passing. The joint account may not be what’s most appropriate for you given all of these considerations.

We thought we’d walk you through what you really need to know - and our best practices for handling joint accounts and beneficiary designations when it comes to your overall estate plan.

Why Your Account Titles Matter More Than You Think

Joint accounts and beneficiary designations can be powerful tools for estate planning, but they don’t always behave the way people assume when someone passes away. A joint account labeled “joint tenants with right of survivorship” means the surviving account owner becomes the sole account owner by “operation of law”. This might seem all well and good! But, if you had a different intention that was written in your will or trust, but not reflected in your overall estate plan (including how those accounts are titled and the beneficiary designations on those accounts), it can be a bit of a problem. Actually, a large problem! This is where the confusion and disputes can come in and wreak havoc - relationships can be ruined!

The Consumer Financial Protection Bureau (CFPB) explains that joint accounts often allow the surviving co-owner to continue using the account immediately because the surviving account holder becomes the sole owner of the funds by operation of law. That kind of arrangement can be convenient. But, it can also be messy if that was not intended with the overall estate plan and/or the wrong person is on that account! This ultimately brings us back to the importance of an overall estate plan! It is imperative to routinely review accounts to make sure they are titled appropriately. This means understanding what your overall plan is and factoring in this intention with all your accounts, including those that are joint and/or have beneficiary designations on them. Each account needs to be reviewed to determine the appropriate titling and beneficiary designations that may align with your goals. Here are our best suggestions for staying on top of things:

Name joint owners thoughtfully. Adding someone “just to help pay bills” or someone who you assume will handle the account at your passing in a way you want, can unintentionally cause problems during your life and at your passing. You could have a joint account owner with creditor issues or one applying for government benefits or, simply, one who uses the account to their benefit, as well you could be disinheriting intended beneficiaries at death. Expecting the surviving joint account owner to “do the right thing” so funds are passed out to others assumes a lot of things will go right. We often see a lot of things go wrong in these kinds of instances. You want to be protective of your loved ones and not assume things will “just work out”.
Don’t assume your will or trust controls everything. They don’t. You can incorporate them in your plans, but, again this takes intentional planning.
Always remember: convenience accounts or powers of attorney may be better tools if you only need help managing finances and don’t want to change who inherits an account which are provided for in a different fashion in your will and/or trust. Or, one option could be that you provide what should happen with any account through a lifetime trust. The lifetime trust can provide much more flexibility into the future and avoid probate. You can provide who can manage your assets, including bank accounts and brokerage/investment accounts, during your life and how they manage such assets. The assets are then considered to be managed by the trustee, but, are not affected by a person who would otherwise have joint ownership of an account. As well, the asset can be distributed in accordance with your overall estate planning intentions, including what should happen if a beneficiary predeceases you or passes after you with funds remaining in trust or for a beneficiary who is a minor or incapacitated, and so on.

Understanding Beneficiary Designations

Beneficiary designations can apply to things like:

Retirement accounts (401(k), IRA, Roth)
Life insurance policies
Bank accounts
Brokerage or investment accounts

Beneficiary designations mean determining who or what should be the beneficiary on the account. A person can be a beneficiary, but, so can a lifetime trust or charities. With these designations, the account avoids passing through probate, meaning Surrogate’s Court (for example, Erie County Surrogate’s Court) does not have any involvement in the account. The caveat would be if there is litigation or creditor issues that could, otherwise, call into question how the account is handled. A beneficiary designation on an asset also means that if that designation is outdated - an ex-spouse, a deceased relative, or no alternate beneficiary is provided for - the outcome can be far from what you intended.

It’s critical that any beneficiary designation is considered in light of your overall estate planning intentions. We’ve seen this not be the case - with the end results being disastrous.

A couple of common issues we see in New York Estate Plans

It can be easy to overlook beneficiary designations and joint accounts when you’re thinking about setting up a will or a power of attorney or other estate planning considerations. But we urge you to think about the concerns and considerations presented here as part of your overall estate plans, as errors are more common than you’d think! As well, you’ll want to continue to consider these accounts as you move forward in life. Things change, people change, goals change and financial institutions change! Here are some of the common circumstances and assumptions that we see that lead to errors:

Someone names a beneficiary 20 years ago and never updates it.
A person assumes their will can “fix” an outdated beneficiary choice. It can’t.
Beneficiaries die and no contingent beneficiary was ever named.
Beneficiaries receive funds outright when that is not desired (think: minors, incapacitated individuals, a nursing home resident, a person with creditor issue, a person who cannot properly handle a windfall, a person whose own estate planning or lack thereof can lead to unintended consequences, etc.)
People fill out paperwork electronically and it fails to properly designate a beneficiary! (IE: they never confirm with the financial institution the designation was made properly and is on file).
A financial institution cannot locate or does not have the beneficiary designation on file and this is not known until it’s too late!

Why This Matters Even With a Will or Trust

People are often surprised when we explain that your will or trust does NOT override a joint account or beneficiary designation! Even revocable trusts need to be properly funded to work the way you expect. Cornell Law School’s Legal Information Institute states that non-probate assets transfer “ by operation of law, contract, or account designation, outside the terms of a will ” This is why your estate planning attorney will always ask detailed questions about:

Account ownership
Titling
Beneficiary forms
Contingent beneficiaries
Purpose of each account

It’s not nosiness - It’s essential to getting your plan right, and complete .

Tips to Make Joint Accounts and Beneficiary Designations Work With Your Plan, Not Against It

1. Review your accounts and designations at least once a year

Life changes quickly. A move to Buffalo, a new baby, a divorce, or a death in the family can all impact who should inherit, and it’s easy to forget if you started a new account, or missed one.

2. Keep an updated list of accounts and beneficiaries

It makes your attorney’s job easier and helps avoid surprises later.

3. Avoid adding adult children as joint owners “for convenience”

This creates risks:

Their debts or divorces could jeopardize your money
It can unintentionally disinherit siblings or others you intended to benefit
They legally own the account the moment you add them

A durable power of attorney often solves the “I just need someone to help pay bills” issue without gifting ownership of an important account. (Or, potentially, a lifetime trust can be set up with instructions for a trustee to pay bills with trust assets during your life).

4. Always have Contingent Beneficiaries

If your primary beneficiary predeceases you, the account could end up in probate unnecessarily unless you have designated someone else. Remember, a lifetime trust can be named as the beneficiary on an account which short of retitling the asset, is an easier option to consider (even if eventually you retitle the asset).

5. Align your will, trust, and account titles together

When these don’t match, that’s when costly disputes tend to arise. I often say, take action now - don’t wait. It can take practice in understanding all the factors affecting your estate plans - by starting now, you can be more informed as time moves on and continue to stay on top of those joint accounts and beneficiary designations! You’re overall estate plan is the main point to remember and consider - not just piecemeal actions!

Ruth P. George’s, Esq. Checklist to Get Your Accounts Estate-Planning Ready

We love to help you get organized! Here’s a copy of our clean, practical beneficiary to-do list you can copy, save, or keep on the fridge:

Joint Account & Beneficiary Designation Checklist

☐ List every account you own, including whether it’s individual, joint, TOD (transfer-on-death), or POD (payable-on-death)
☐ Confirm primary and contingent beneficiaries for retirement and insurance accounts
☐ Remove outdated beneficiaries (ex-spouses, deceased relatives, estranged family)
☐ Review titling for all bank, brokerage, and real estate holdings
☐ Identify any accounts that need to be aligned with your will or trust
☐ Note any accounts used only for convenience - and consider using a power of attorney instead

☐ Consider setting up a lifetime trust to provide greater flexibility and instructions for your overall estate plan
☐ Meet with your estate planning attorney to review alignment with your overall plan

Let’s Get Started

Joint accounts and beneficiary designations can be powerful planning tools - but when they’re outdated or misunderstood, they can create the very problems your careful estate planning was trying to avoid.

If you're in Williamsville, Amherst, or Buffalo and want to be sure your accounts actually reflect your wishes, Ruth P. George Law PLLC can walk you through every step. From aligning account titles with your will or trust to helping you understand how probate impacts your assets, we’re here to make sure nothing falls through the cracks!

If you’re looking for guidance on how your accounts fit into your broader estate plan, feel free to reach out or swing over to our office right in the heart of Williamsville! You can also explore our Estate Planning and Probate pages for more information, or feel free to Contact Us when you’re ready to start putting all the pieces of your estate plan together.

Writing a Will in New York: Your No-Nonsense Guide to Getting It Done

Thu, 18 Sep 2025 16:36:14 GMT

As a topic that is brought to our desks over and over through the day, we wanted to tell you with the kindest intention: Intentions don’t count when a will is required.

You may mean well - but if your will isn’t properly prepared and executed, your hopes for your family and your legacy could be lost in probate, potentially for years or for forever. So, if you’re wondering "how do I write a will?" - you’re in the right place. This is the actionable guide to preparing for the conversation with your estate planning attorney. While we’d love to be able to tell you what you’re hoping - “I don’t really need an attorney for this, right?” Yes. Yes you do, no ifs ands or buts. There’s too much at stake and it is too easy to miss important details and mess up. We’ll cover what to gather, why it matters, and how doing it the right way now can make a world of difference later. We thought we’d teach you a few of the ins and outs of writing an iron-clad will, how to navigate even the trickiest of situations for making sure that your family keeps as much of your estate as possible and NOT the State of New York, and what on earth an attorney actually does for you in this process!

Collect Your Assets, Debts, & People

Congratulations! Taking an actual first step towards having a will written is usually the biggest challenge for people! Here’s what you’re going to want to start compiling to get started:

Assets : What you own - from your home, vehicles, savings, bank accounts, investments, to business ownership and so on. Note how each asset is titled and whether a beneficiary is already designated (like on a retirement or life insurance policy). Speaking of beneficiaries, checking this on each of your accounts (tedious, we know) is also an important step of compiling this list of assets.

Debts : This includes mortgages, personal & student loans, credit cards, outstanding balances and so on. Your estate must address these, which can impact distributions to heirs.

Documents : Originals or copies of any existing wills, power of attorney documents, health care proxy documents, living will documents, HIPAA authorizations, prenuptial or post-nuptial agreements, business agreements and other documents, trust agreements and other information, house and other real estate deeds, car titles, and any other key life documents such as previous divorce documents, child support, etc.

People : Your next of kin and other loved ones - for example: your spouse, your children, and so on (obtaining this information is critical and will depend on your situation), potential executors, potential agents in a power of attorney, health care proxy, potential guardians for minors, potential trustees and those individuals and/or charities you want to benefit. Identifying any family dynamics or potential conflicts can also be helpful to flag early on.

Why do this? It shows your estate planning attorney what you truly own, who are your next-of-kin, who you care about, who you trust to be in important roles in your legal documents, what legal knots that may need unraveling and so on. It also saves you a lot of time and establishes a better foundation in moving forward with your estate planning attorney!

Why Preparation Makes Everything Better Empty heading

Saving Time & Emotional Stress

The more organized you are, the fewer surprises and hiccups we run into down the road. This means faster meetings, and more meaningful questions & decisions. Your estate planning attorney isn’t the person who is going to track down all of your information for you; they’re guiding you along the way. Your estate planning attorney doesn’t know the people in your life like you do, but, together you can gain important insights into your planning.

Helps avoid complications

Assets can be overlooked, beneficiary designations may override your will, and debts can shave down inheritances before loved ones see a cent. Knowing titles and designations lets your estate planning attorney tailor solutions and provide possible ways to make things better into the future.

Guards against unintended consequences

Thoughtful planning is the best defense against unintended consequences. Checking things now prevents surprises later on. For example, is your home titled in your name, your spouse’s, or your parents’? Who are you nominating to care for your minor children? Who gets Rocco the cat in the event of your death? If these situations aren’t specifically planned, New York State may legally have to act in a way other than what you may have intended. Ultimately, these hiccups always lead to money and heartache your loved ones don’t need.

Why Working with an Attorney Is So Important

It probably took you a bit of time, but you collected all the info, checked and verified all the information, and thought about who you’d want to raise your kids if you weren’t around. Here are a few of the reasons we believe are why having an estate planning attorney make it “official” is so important!

Estate planning attorneys know the nuances

As much as online legal services seem to make things easy, they just don’t know the nuances and what concerns there can be into the future. And honestly, sometimes your situation is more complex and it just doesn’t fit into a perfect box. New York has certain requirements for proving a will when a person passes and estate needs to be opened. Among other requirements, In NY, a testator must be at least 18, of “sound mind and memory,” and the will must be in writing (with limited exceptions), signed by the testator (or directed to be signed) in the presence of two eligible witnesses who also sign within 30 days - These witnesses may also need to come forward at the time of opening probate. Knowing a bit about probate and other ways to plan can be so helpful. Perhaps, you will want to set up a trust after having a discussion with your estate planning attorney. Every situation varies, and an attorney who is well versed in estate planning will be able to talk through all of the options with you, rather than you clicking through a hundred checkboxes in an online system.

Attorneys offer presumption of validity

We are sure that you believe the will you hand wrote is great.! However, when it comes to such important matters, you want a professional. Dealing with problems stemming from a handwritten will in Surrogate’s Court take time and money. Alternatively, a will with necessary foundations, which is drafted and then executed by an attorney carries strong legal weight in Surrogate’s Court. This can speed the process along and allows it to run much smoother when an estate needs to be opened.

They ensure testamentary capacity

The law requires you to understand the nature of signing the will, know what you own, and know your “natural objects of bounty” (usually close family). These legal safeguards mean your will is far less likely to be disputed, delayed, or thrown out.

The Real Risk of Going DIY

Yes, DIY online wills can be tempting - but they bring serious risk:

Invalid execution

Missed steps like incorrect witnessing or outdated wording can invalidate the document altogether, leaving the entire estate at the hands of what New York State law states.

No presumption of validity

Unlike an attorney drafted and executed will, a homemade will does not carry a presumption of validity. This is such an important point to remember. The attempt to save money is just not worth all the risks!

Unintended consequences

Minors, pets, digital assets, and contingent beneficiaries are just a handful of the many tricky items DIY tools mishandle. Concerns about the Right of Election, Family Exemption rights, elderly individuals in nursing homes receiving estate assets, incapacitated individuals receiving assets, disabled individuals receiving estate assets, ownership with others through entities such as LLCs, Medicaid planning, business planning and so on, can be discussed and planned for with your estate planning attorney. When the stakes are so high, the saved costs of taking shortcuts just isn’t worth it - Do you really want your kids to end up with your parents?! (Maybe you do, and that’s okay too!). There are any number of consequences that could befall your loved ones - even in unintended ways. Bottom line: the experience and understanding that an estate planning attorney can bring to the plethora of concerns and potential risks into the future is well worth it.

A Quick To-Do List

When you meet with your estate planning attorney, there are several steps that should take place - Here is our quick to-do list to help you stay on track:

At your appointment

Go through your asset list and each document.
Clarify your goals for creating a will or estate plan.
Identify your people! (ie: next-of-kin, potential beneficiaries and then people to be named in certain roles in your documents - ie: executor, backup executor, power of attorney, health care proxy, guardians for minors and so on).
Have legal names, addresses and phone numbers for people who may be in your legal documents.
Have your estate planning attorney review tax implications, special items, and how trusts might come into play.

After the meeting

Work with your estate planning attorney as you move through the process. This could mean phone calls, emails, reviewing documents, asking questions, asking other people who may be a part of your planning if they would be willing to take on certain roles into the future and so on.
Be ready to formalize your legal documents in a reasonable amount of time. Delays can mean more delays which can mean documents never get executed (ie: signed!) and you want to finish what you started. Thinking is not the same as done. Those legal documents need to be in place before an emergency!
Work through various items such as who will be signing documents so everyone is on the same page - for example, in setting up a power of attorney, will your agents sign the document soon after you have signed it? If so, how? Another example to work through is who will hold onto any original documents? Where will the Will be stored, and so on.

It’s Your Legacy. Do it the Right Way.

Gathering information, working with an estate planning attorney , and treating your will with the seriousness it deserves ensures that your family sees your care and intention - rather than the shortcuts that result in a big mess.

Whether you live in Buffalo or anywhere else, your will - and other estate planning documents - are letters of love in legal form. Make sure it stands strong when it matters most!

Ready to get started the right way? Check out our Estate Planning Services page or reach out to schedule a consultation . You’ll be doing what matters most: protecting your people and your peace of mind!

No Will? Here's What Happens to Your Estate if You Live in New York State

Tue, 26 Aug 2025 01:44:26 GMT

Life can get busy fast. One minute you’re juggling work and family, and the next thing you know, years have flown by without you getting around to that pesky estate plan you meant to finish. It’s easy to think, "I don’t have much… I’m not married… I don’t have kids… Do I even need a will?"

But, what many people don’t realize is that in the absence of a valid Will, New York State has its own plan for your estate - and it may not be what you’d think would happen with what you own. (And, remember even personal property like pictures, jewelry, furniture, cars, etc. are important to plan for! And, of course, planning for pets is a must! As well, you could have assets that come in after your death - like an income tax refund, or an inheritance from a relative or a personal injury action that survives your passing, or unused credit card rewards, or lottery winnings or . . . well, you get the picture . . . you should always have an up to date Will in place).

We thought we’d take a thoughtful glimpse at what actually happens if someone dies without a Will and has any asset in his/her name alone or an asset that may come in after death, and a few key points to know. From “opening” the estate to distributing the estate assets, whether you have a Will in place (that will pass muster with its validity) or not means a world of difference for your loved ones. Having this as a basic plan - no matter what - is critical.

When There’s No Will: The Basics of Intestacy

In New York, if you die without a valid Will, the law considers your estate "intestate." That means instead of you deciding who gets what, the state follows a set of rules outlined in the Estates, Powers and Trusts Law (EPTL) Section 4-1.1 to determine precisely how your assets will be divided. Here’s a simplified breakdown of how New York distributes assets when you don’t have a Will:

If you have a spouse and no children : Your spouse gets everything.
If you have children but no spouse : Your children inherit equally.
If you have a spouse and children : Your spouse gets the first $50,000 and half of the remainder; your children share the other half (with certain assets being considered separate from the estate through the “family exemption”).
No spouse or kids? Your estate first goes to your parents, then siblings, then more distant relatives if those individuals aren’t available.
No one beyond first cousins once removed? The state keeps it all. (I know, right?!)

This structure might seem straightforward, but there’s a lot more complexity underneath. There are various ways that starting an estate without a Will can become more complex. Here are a few examples: children who have predeceased you leaving their children (ie: your grandchildren), a child born from a father from a non-marital relationship, heirs who must be identified but are unknown, heirs whose whereabouts are unknown (think estranged relatives), unknown circumstances regarding a surviving spouse (think potential divorce but murky facts), unknown facts about an adoption, potential half-siblings, minor children, incapacitated individuals, incarcerated individuals, individuals who have the same right to act as the fiduciary but do not agree on who should act, a need for a kinship hearing to determine if all necessary heirs are properly a part of the initial estate proceeding and a guardian ad litem or multiple guardian ad litems who need to be appointed by Surrogate’s Court to act on behalf of those who cannot act for themselves (ie: minor children, incapacitated individuals, unknowns or whereabouts unknown, etc.) and so on. The idea being that there are many scenarios where just to open an estate become much more complex than may be anticipated. It’s important to remember that at the time of your passing, the facts and circumstances could be drastically different than they are currently. The people and their circumstances who may need to be involved in just opening your estate could be different than they are now. Getting a handle on this early stage can be much more difficult than people imagine. This is a topic for a whole separate blog post - but the idea is that Surrogate’s Court must have “jurisdiction” over necessary parties before next steps. Necessary parties are just that - they are necessary to the proceeding - whether it’s a probate proceeding (there is a Will) or an administration proceeding (there is no Will). This, alone, has caused many delays and difficulties. But, having a Will in place that is anticipated to be found valid by Surrogate’s Court (ie: no lack of capacity, forgery, undue influence, etc.) helps with this initial phase in Surrogate’s Court. “Opening” an estate in Surrogate’s Court, without a Will, means more potential issues (and more time, energy and money wasted).

So, Who Takes Charge? (Hint: It Might Not Be Who You Expect)

Without a nominated executor in a Will who then petitions Surrogate’s Court to act, someone needs to proceed to act on behalf of the estate. This means that without a Will, someone needs to petition Surrogate’s Court to act on behalf of the estate without being named in a Will which, of course, can lead to more issues. Without a Will, the person that will eventually act as the fiduciary of the estate is called the “Administrator”. This potential administrator starts with a petition in the Surrogate’s Court in the decedent’s domicile. For example, if you’re in the Williamsville or Buffalo area, this typically means working with the Erie County Surrogate’s Court.

When this happens, the Court follows a statutory pecking order of priority to allow a person to act as the Administrator. That pecking order is as follows:

Surviving spouse
Children
Grandchildren
Parents
Siblings

But, even though there is this pecking order, things can become more difficult - whether it’s opening up the estate or closing the estate due to a variety of circumstances. As you can imagine, family dynamics aren’t always simple. What if two siblings disagree? What if there are minor children? What if there is an estranged surviving spouse? What if there are half-siblings or “adopted out” children? What if no one steps up? Sometimes, in complex situations, the court may even appoint the Public Administrator - a stranger to your family. According to Nolo , contested administration proceedings can delay estates for months or years, and are one of the most common causes of prolonged probate.

What About Non-Family Members?

Here’s the thing: If you aren’t legally married or your “children” aren’t legally adopted, they may be left out entirely, and not even have a right to act as the fiduciary of your estate. Even someone you’ve shared your life with for decades - if not legally your spouse - won’t have the ability to simply act as the fiduciary or inherit a thing regarding your assets that are passing through this process - of course, unless they are named appropriately in a valid Will. That best friend who helped raise your kids? Left out. The niece you meant to help through college? Also left out. Estate planning isn’t just for the wealthy - it’s for anyone who wants to be intentional about benefiting loved ones (from personal property to their life’s work).

Special Considerations for Real Estate and Blended Families

Real estate can get especially tricky when it comes to not having a Will in place. A home in Clarence or Buffalo titled solely in your name becomes part of the probate estate. If your family doesn’t agree on what to do with the property, it could be tied up in court - accumulating real estate taxes, unpaid mortgage payments with interest and penalties (and a potential foreclosure action), accrued utility bills (and potential shut-off of utilities leading to more problems), homeowner’s insurance issues, legal fees and more headaches - before anyone sees a dime.

If you’re part of a blended family, things can get even more complicated. Let’s say you want your current spouse to stay in the home, but ultimately pass it on to your children from a prior marriage. Without a Trust or Will, those ideas are just that - ideas! You need to make a plan that will mean something when it counts.

The Risk of Unclaimed or Lost Assets

If your estate enters probate without good documentation, it’s possible that some of your assets - like old bank accounts, forgotten pensions, or digital assets - are never identified and therefore claimed. According to the New York State Comptroller’s Office , the state holds over $18 billion in unclaimed funds (Yes, that’s Billion with a B!) A good estate plan helps your loved ones claim what’s rightfully theirs and avoids adding your assets to that number.

Probate Isn’t Always the Enemy - But It is a Process

Probate isn’t inherently bad. In fact, many estates go through probate every day without major issues. But when there’s no Will, no direction, and no planning, the process gets harder. As probate attorneys we see all kinds of scenarios: adult children fighting over their mom’s car, multiple heirs disagreeing on whether to sell or rent the family home, or months of delay while the court tries to track down a long-lost sibling in another state.

With a simple estate plan, you greatly help your loved ones. Even just nominating an appropriate Executor, outlining your wishes, and updating beneficiary designations on your accounts can provide clarity and help prevent disputes. Waiting until there is an emergency or creating a plan in a rushed process or when there are concerns about your abilities and capacity are ways problems creep in and cause bigger problems! You do not want to wait for problems - be proactive.

What You Can Do Right Now

If you’re reading this and realizing that it’s time to stop putting off the Will-writing on your To-Do list, we’re here to walk you through making all the important plans. At Ruth P. George Law PLLC, we work with families throughout Western New York who want to make things a little easier on their loved ones. If you’re hoping to start by doing a few things on your own, here are a few small steps you can take today:

Check the beneficiary designations on your retirement accounts, life insurance, and bank accounts.
Make a list of your assets, debts, accounts, and important documents.
Start thinking about who you would want to be responsible for managing your affairs if you couldn’t.
When you’re ready, schedule a consultation to talk about your goals.

No Matter How Insignificant You Think Your Estate is, Don’t Leave Where it Goes up to the State

Dying without a Will means leaving one of life’s most personal decisions up to state law. While New York’s intestacy laws provide a safety net, they lack the heart, insight, and individuality that families deserve, including yours.

For more information about creating a will or navigating probate in New York, make sure to check out our Estate Planning or Probate & Estate Administration pages. Or, contact us directly to schedule a conversation.

Small Business, Big Future Plans: Estate Strategies for NY Business Owners

Fri, 01 Aug 2025 16:02:17 GMT

Any small business owner in town will tell you that Buffalo is a special place to start up a small business. Running a small business here isn’t just about making sales or serving clients. It’s about having a whole lot of heart, forging relationships, supporting each other, and supporting the community.

What we find, however, is that for how much love and effort is poured into a small business to make it thrive, often the succession planning is not curated as carefully as is deserved. We thought we’d come to you with some thoughts and strategies that might help business owners that haven’t yet taken the leap into estate planning for their small business. This isn’t something you want to leave to chance - Without estate planning in place, your business - and everything you’ve worked so hard to build - could end up tangled in probate, taxes, or disputes that leave your loved ones overwhelmed and dealing with headaches for months or even years to come. Here are our best tips to get started!

Small Business Owners need Small Business Strategies.

Most people have heard of a will, or have something set up for their own personal assets. But, the game is completely different when you’re a business owner. Ultimately, you will need a plan that covers, at the bare minimum, a few items:

Who will take over if something happens to you during your life?
How will you handle the taxes or debts tied to your company?
How will you sell, transfer, or close the business smoothly?

What might happen if you don’t have these considerations covered with legal documents and arrangements (ie: a plan!)? We’re glad you asked! Without a plan, you can anticipate:

Probate Delays: Confusion can lead to your business being tied up in court for months - when your customers and employees need stability the most.
Family Conflict: A spouse, child, or partner might not know your business’s operations, leading to mismanagement, client dissatisfaction, or stress.
Tax Concerns: Whether it’s income tax, capital gains tax, or estate tax, proactive planning takes into account these potential concerns and addresses what can be most beneficial. .

Many business owners make the mistake of thinking that estate planning is just about death - But in reality, it’s about smooth transitions, in life or in passing.

Becoming Familiar with New York’s Laws

Legal frameworks are more than fine print: they shape how your estate plan will actually work for you and your business. Here are some of the things that we suggest keeping at the top of mind when you start creating your plan:

New York Estate Tax
Per the NYS Department of Taxation & Finance , New York imposes its own estate tax on estates over approximately $7.16 million (for 2025). Could your full business and personal assets approach that? Proper planning can help minimize this.
Business Succession Planning
Whether your business is an LLC, partnership, or corporation, you need a formal buy-sell agreement that outlines who steps in, how buyouts happen, and at what price. As well, the formal name of “buy-sell agreement” incorporates planning between spouses or parents and children (or others) that allows for certain transfers to occur (ie: gifting) whether it’s during life or at passing, and this can greatly help with planning. Having a business properly managed despite an owner’s incapacity during life is crucial and avoiding probate and making transitions easier at death is also critical for planning considerations.
Asset Titling
Tax planning hinges on proper ownership - how is your business titled? Jointly? Under a trust? These little details matter for inheritance and control. Without this structure, your estate plan might only transfer business assets to your heirs - without any clarity on navigating your actual business.

Trusts & Succession Planning

While in many cases trusts can help you avoid the process of probate entirely, they can also help maintain control of your business after your passing.

Revocable Living Trust

You manage assets now - and can update beneficiaries or business structure anytime.
It can help you avoid probate in the event of your passing, keeps everything private, and allows a successor trustee to step in during incapacity.

Irrevocable Trust

Moves the business out of your estate for estate tax purposes.
Ideal if your business and personal assets approach the estate tax threshold.

Succession Planning: Your Business, Your Plan.

This is a tough question for many, but at the end of the day… Who do you want running the business if you can’t?

Family Successor : A child or sibling may be ready but might need training and support - start the process now.
Co-owner or Management Team : If others are part of day-to-day operations, formalize responsibilities and make sure key individuals are aware of your succession plan.
Outside Buyer / Key-Person Insurance : Choose exit terms or insurance funding to make any necessary transitions easier.

Buy‑Sell Agreements: Business Safety Nets

Have you ever tried to have a best friend for a roommate? Or perhaps lent money to someone you thought would pay you back right away but they didn’t? Sometimes the people you least expect are those who make ‘business’ relationships much more challenging. These types of scenarios are also why having a Buy-Sell agreement is critical. When it comes down to it, if a relationship sours, or people end up doing what was least expected, you want the paperwork to back up your plan!

Buy-Sell agreements define:

How valuation occurs (appraisal or formula)
Triggering events: death, disability, retirement
Who gets the business - family or co-owner?
Funding method: cash, insurance, financing

Power of Attorney & Health Care Proxy: Don’t Forget Personal Plans

As a business owner, having your personal documents and estate plan in place also matters.

Durable Power of Attorney lets someone manage legal or financial tasks for you if you become incapacitated.
Health Care Proxy & Living Will ensures your medical wishes guide decisions - without burdening business plans.
Guardian for Minor Owners : If a child owns part of the business, name a successor guardian to manage their interest.

Ultimately, having your personal affairs in order keeps family, medical, and business matters from intertwining confusingly after you’re gone.

First Thing’s First

Ready to start taking a few steps on your own? Here’s what we would suggest:

Inventory your business assets, partners, and structure
Identify who should run things if you can’t - and start training them
Meet with an estate planning attorney to draft: will → trust → buy-sell → powers → other documents
Implement the plan with your estate planning attorney (title, trust funding, insurance, etc.)
Review annually or after major life/business changes

Estate strategy isn’t reserved for big corporations. For small business owners, it’s about security, peace of mind, and mitigating tax burden. You’ve built something that matters - don’t let it fall through the cracks due to outdated planning or documents.

If you’re ready to get started, make sure to visit our Estate Planning page or schedule a consultation . Let’s create a plan that works for you and honors the blood, sweat, and tears you have put into your small business!

18 and On Their Own: Why Every Young Adult Needs a Health Care Proxy

Tue, 17 Jun 2025 14:52:24 GMT

Most of us don’t think about estate planning the moment our kids turn 18. Graduation parties, dorm shopping, college move-in days - that’s what’s on our minds. But there’s one conversation that often gets skipped, and it’s arguably just as important as all the rest: what happens if your child has a medical emergency and you no longer have legal authority to step in?

This very question came into focus after the heartbreaking story of Baylie Grogan , a healthy 20-year-old college student who was hit by a vehicle and went into a coma. Her mother was told by medical staff that, legally, they could not share information or allow her to make decisions on her daughter's behalf - because Baylie was legally an adult and had not named a health care proxy.

It's an unimaginable moment for any parent…. But it’s also a wake-up call. And, it’s a reminder that estate planning isn’t just for the elderly or wealthy - it's for every adult, even an 18-year-old. If you are a parent or guardian in New York or literally anywhere in the United States, and your child is approaching adulthood or already there, this conversation and reminder are for you.

Turning 18 Means Legal Adulthood

When your child turns 18, they are considered an adult under New York State law. That means:

You, as a parent, no longer have automatic access to their medical records.
You, as a parent, no longer have the authority to make health care decisions for them.
You, as a parent, can’t step in if they’re unconscious, unable to speak, or otherwise incapacitated - unless you’ve been legally named to do so with the right documents (or potentially your child is in a hospital setting where state default rules can come into play where a parent can make certain medical decisions).

This may sound shocking, especially for parents who’ve spent nearly two decades handling every emergency and advocating for their child’s care. But under HIPAA (the Health Insurance Portability and Accountability Act), adults - even those who have just become a legal adult - have full privacy rights over their own medical records.

According to the U.S. Department of Health & Human Services , “Parents are not automatically authorized to access the health records of their adult children (18 or older) unless authorized by the individual.”

What Is a Health Care Proxy?

A Health Care Proxy is a legal document that allows a person, the principal, to appoint someone else, the agent, to make medical decisions for them in the event that they are unable to do so for themselves.

In New York State, this document becomes essential the moment your child turns 18. It gives you (or someone they trust) legal authority to:

Speak with their child’s doctors
Access medical records
Make decisions about treatment
Advocate on their child’s behalf during emergencies

Yes, Literally Every Family Should Have This Conversation

Sometimes, it can be uncomfortable talking to your teen about estate planning. But, just like helping them set up a bank account or register to vote, helping them prepare legally for emergencies is an act of love and a big part of a parent’s responsibility that sometimes gets overlooked.. For example, imagine your 19-year-old at the University of Buffalo having a sudden accident or becoming critically ill. You get a call, you rush to see your child and want to handle matters and inquire on behalf of your child - and are told, “I’m sorry, we can’t allow you to make those decisions or share information with you.” According to a 2023 article by the American Bar Association , “Every adult - regardless of age - should designate someone to make health care decisions for them if they’re unable to speak. This is especially important for young adults, who often assume their parents can still act on their behalf, even though legally they cannot.”

So, What Documents Do you Recommend a Young Adult Have?

Here’s our quick list of documents every 18+ year old should have handy - with the help of an estate planning attorney - to ensure they’re completed properly and in a way where they will be accepted if there is ever a need.

1. Health Care Proxy

This is the #1 most important document for medical decision-making authority.

2. HIPAA Authorization

This allows the person (agent) named in the proxy to access health records and speak to providers, even if no decisions need to be made or the Health Care Proxy is not needed.

3. Durable Power of Attorney

This document allows someone to manage your child’s financial affairs if they’re incapacitated - for example, paying bills, handling bank accounts, or managing tuition or lease issues.

4. Living Will

This document lets your child express their wishes about end-of-life care - something many young adults have strong opinions on and may want to document.

5. A Last Will and Testament

This may seem ridiculous for a young adult to think about but even a car, clothing, sentimental items (and, a pet) should be planned for. It really is about laying the groundwork for the future. You want your young adult to keep up-to-date with estate planning. Educate your young adult how important this is now and into the future!

Is a Health Care Proxy for an 18-Year-Old Overdoing it?

No, absolutely not, and we’d love to take this opportunity to stress that helping your child with these documents is such an act of love! Having a proxy in place doesn't mean you expect something to go wrong - it simply means if something does go wrong, subsequent decisions will go as you have planned. As estate planning attorneys, we see some families come after a crisis has occurred, and some proactively - and the difference between the two is staggering. The families who have had these conversations early are able to focus on care and recovery, and those who did not now have to focus on legal paperwork and often overwhelming uncertainty.

Estate Planning for your Kids is about Empowerment, Not Control

Estate planning doesn’t end with just a will - and it certainly doesn’t start at the time of retirement. For young adults, having a health care proxy and a few other key documents is one of the simplest, most powerful ways to protect themselves and the people they love. If you’re in the Greater Buffalo area and want to learn more about how to help your young adult get legally prepared for life, we’re here for you. Make sure to visit our Estate Planning Services page to learn more or contact us to get started towards stronger peace of mind for you and your family!

Special Needs, Special Plans: Thoughtful Estate Planning with Special Needs Trusts

Wed, 23 Apr 2025 01:52:33 GMT

Estate planning can be complex for any family, but for the future of a loved one with special needs, estate plans require thoughtful consideration and many proactive steps. It's not just about ensuring their financial stability but also about preserving their eligibility for essential government benefits and ensuring their continued quality of life.

Whether you're i n Buffalo, Williamsville, or elsewhere in Western New York, understanding the tools and strategies available to New Yorkers in line with both state and federal guidelines is critical to creating a plan that truly works on their behalf when needed and when you can no longer care for them. We wanted to break down special needs planning for you as it’s a question we frequently get and people can often think it has the same principles as any estate plan. But realistically speaking, special needs planning has considerations that regular estate planning does not, including eligibility for government benefits and much more.

What Exactly Is a Special Needs Trust?

A Special Needs Trust (sometimes referred to as an “SNT”) is an estate planning tool designed to manage assets for an individual with disabilities. Specifically, these trusts aim to provide benefits without jeopardizing the individual’s eligibility for government programs like Medicaid or Supplemental Security Income (SSI). By placing assets into a Special Needs Trust , you can provide for your loved one's supplemental needs beyond what government benefits cover, such as personal care items, education, recreational activities, and more. This blog post is referring to Special Needs Trusts that are set up during life - these are lifetime trusts that provide the best planning when it comes to helping a loved one with special needs.

Types of Special Needs Trusts

First Party Special Needs Trust : A First Party Special Needs Trust is funded with the special needs child’s own assets or funds. These may come from an inheritance or settlement, as individuals with special needs cannot earn, for example from employment, more than a certain amount without it eliminating their eligibility for government benefits. These trusts must include a Medicaid payback provision, meaning any remaining funds after the beneficiary's passing are used to reimburse Medicaid for services that were provided to them during their life. As well, these trusts require the approval of the local Department of Social Services at their creation so that the appropriate payback provisions are reviewed and deemed accepted.
Third Party Special Needs Trusts : A Third Party Special Needs Trust is established by someone other than the beneficiary, typically parents or grandparents, using their own assets. These trusts do not require a Medicaid payback provision, allowing any remaining funds to be distributed to other family members or charities as specified. The ability to plan ahead so that there is great flexibility without harming a special needs person’s benefits is a tremendous value that cannot be stated enough!

There are certainly strategies and several considerations as to which of these types of trusts (or both!) make sense for your specific situation, and the situation of your loved one with special needs. However, the specifics of each particular situation will dictate what makes the most sense!

What is so critical is to be prepared and informed about options and then to take action in a proactive manner. Finding yourself in an urgent situation due to an unexpected crisis causes time, energy and money. In the case of a loved one with special needs, this is quite unfortunate and happens due to the lack of proactive planning. The best outcomes stem from a proactive approach.

And, as a reminder, when you set up a lifetime Special Needs Trust, the assets in the trust can be managed by a Trustee with a full set of instructions of what actions should be taken, what distributions can be made, who the successor trustees should be and so on. This permits property to be managed on behalf of the special needs person in a tailored fashion. Adding to it is the component of preserving governmental benefits. If you step back and think about it, this planning is truly game-changing!

Key Considerations in Special Needs Planning

Letter of Intent : This non-legally binding document provides caregivers and trustees with vital information about your loved one's preferences, medical history, daily routines, and aspirations. It serves as a guide to ensure continuity of care and quality of life. While this isn’t technically a legal document, a thorough letter of intent is so incredibly important for special needs individuals. Caregivers and parents of children with special needs know: schedules, preferences, likes & dislikes, and so much more goes into the care of their special needs loved one. These tiny details are just as important as the financials and legal documents of an estate plan, so we always stress the importance of this letter!
Guardianship : Deciding who will make legal and medical decisions for your loved one can be a difficult decision, so it’s important to consider well in advance (perhaps even with back up options!). Establishing guardianship ensures that a trusted individual can advocate on their behalf when you're no longer able to do so. Additionally, ensuring that this individual or individuals know what their responsibilities will be in the event of your passing is critical to making this transition smooth for your special needs loved one. Note: There can be either a guardianship of person or a guardianship of property or both, depending on the situation. As one example of possible planning, there could be a guardianship of person to handle personal and medical matters combined with a Third-Party SNT to ensure financial arrangements are in place, all to benefit the special needs loved one. A thorough guardianship proceeding can have back-up individuals ready to handle guardianship duties, if needed, when the primary guardian(s) can no longer act. As well, if the Third-Party SNT is in place, this is an excellent way for other family members to also benefit the special needs loved one. Other family members can incorporate this trust in their own estate plans as the trustee can accept additions to the trust from other family members. Too many families run into problems in this area because they have named the special needs individual as the direct recipient of property, or an inheritance. Instead of having a well-orchestrated plan with great benefits, the trip-ups from the lack of planning or bad planning become a source of great difficulties with various problems.
Government Benefits : Familiarize yourself with the benefits that your loved one may be on or entitled to, whether it's for current needs or potential long-term needs. This includes programs like SSI and Medicaid. You’ll want to encourage your named guardians to do the same. Proper planning ensures that your loved one remains eligible for these benefits while supplementing their needs through their Special Needs Trust. It is well worth it, in our opinion, to work with an attorney to review and discuss these government benefits and the various planning opportunities. The awareness and educational aspects of working with an attorney can mean the difference of just taking any kind of action to taking the right kind of action.

Steps to Establishing a Special Needs Trust in New York

Consult with an Experienced Attorney : Engage a legal professional familiar with New York's specific regulations regarding Special Needs Trusts to ensure the trust is structured correctly.
Select a Trustee : Choose a trustworthy individual or institution to manage the trust's assets and make distributions in the best interest of the beneficiary.
Fund the Trust : Determine which assets will be used to fund the trust, ensuring they are titled appropriately to avoid affecting benefit eligibility.
Coordinate with Overall Estate Plan : Ensure the Special Needs Trust aligns with other estate planning documents in your own plans, such as your wills or powers of attorney. You won’t want anything to contradict something else accidentally, and looking at the whole picture will make sure that nothing gets overlooked.

Planning for a loved one with special needs is the greatest act of love and responsibility that you can bestow upon them. By establishing a well-structured Special Needs Trust and considering the various facets of their care and financial support, you can provide them with a secure and fulfilling future. You can learn more about New York State Special Needs Trusts by contacting us, or the Special Needs Alliance also has some great info about these types of trusts! Remember, the landscape of special needs planning is intricate, and laws can vary by state. Therefore, seeking guidance from professionals experienced in New York's regulations is essential, and even considering other states and their regulations may need to be considered for future plans.

Here at Ruth P. George Law PLLC, we care about making sure that your special needs estate planning is done the right way, and that it will best serve your special needs child when they need it the most. If you're in Buffalo, Williamsville, or the surrounding areas and need assistance with special needs planning, don't hesitate to reach out to our office - We are happy to guide you, offer great resources, update your current estate plan or add to it where necessary, and much more.

Please Note: The information provided in this article is for educational purposes and should not be considered legal advice. Please consult with a qualified attorney for advice specific to your family and situation.

Little Ones in the Picture? Estate Planning for Families with Young Kids

Wed, 19 Mar 2025 01:39:23 GMT

Becoming a parent is one of life’s most exciting (and incredibly overwhelming) milestones. All of a sudden you are swept up and entirely consumed by this little human that you now need to keep alive!

You plan for their meals, their schooling, their future, and what you are going to do today - but as much as we hope that this never happens, have you planned for what happens if you’re not there?

Estate planning may not be the first thing on your mind between diaper changes and recording the first time your baby rolls over, but it’s one of the most important steps you can take to protect your children and give yourself peace of mind. Making sure your estate plan is up to date is essential to ensuring your kids are cared for, no matter what happens.

Why Estate Planning Is Crucial for Parents

Many people assume that if something happens to them, their children will automatically be cared for by their closest relatives. But in reality, without a thorough estate plan, there will be more that a court will need to determine. When you plan does not encompass caring for your minor children as well as property needs and management on behalf of minor children, Surrogate’s Court will need to fill in the gaps and have more of a role in these matters. There can be any number of issues that present themselves at this time, including fighting between individuals in regard to who should care for your children and the need for assets to be held jointly with Surrogate’s Court. Creating a solid, well-thought out estate plan that encompasses caring for your children, both with their personal needs and the property management needs, gives you greater control for the future of your children. This kind of planning is critical. According to the American Bar Association , one of the most common mistakes parents make is assuming that estate planning is only for the wealthy or elderly. In reality, having a plan in place is essential for anyone with dependents, ensuring that minor children are provided for if something unexpected happens. A proper estate plan ensures that:

Your children’s guardian(s) are who you nominate, not just who the court determines without your input.
Your assets are managed wisely on their behalf - and focus on benefitting the kids and family you leave behind and want to support.
Makes sure children are financially supported without legal complications.
Ensures your wishes are honored without unnecessary (and often costly) delays.

The Key Estate Planning Documents Every Parent Needs

1. Naming a Legal Guardian in Standby Guardian Documents and in Your Will

If something happens to both parents, who would you want to raise your children? This is one of the most difficult but crucial decisions you’ll make in your estate plan. If you don’t nominate a guardian (and alternates), the court will step in (without any input from you) and determine who will care for them. While sometimes this is who you want, sometimes it isn’t… And when the stakes are as high as the future of your kids, you don’t just want to leave those things to chance. You want to think through living arrangements, schooling, medical needs, and so on. You can nominate a guardian or co-guardians and have alternates lined up as well. You can work through appropriate provisions that work with your overall estate plan.

Tips on Thoughtfully Choosing a Guardian:

Who shares your values and parenting style?
Who has financial stability, and is in a location where you would want your kids to be raised?
Who would be emotionally prepared for the responsibility of raising your kids?
Have you talked to these individuals and have they acknowledged that they would be willing to do this for you?
Want to grant godparents guardianship? They likely will not automatically be chosen… Therefore you MUST name them in your legal documents!

2. Setting Up a Trust for Your Child’s Future

Setting up a trust can allow you to set assets and funds aside for your child’s care, education, & future while ensuring assets are managed responsibly. Without a trust, any inheritance may go directly to your child at age 18 - whether they’re ready to handle it or not. Worse, if you haven’t updated your legal documents, assets could go to an estranged spouse or other relative (as discussed in our last blog post !) that do not align with your wishes. According to Lawyers.com , trusts are one of the most effective tools for managing an inheritance responsibly (they have some great info on the topic as well!) A well-structured trust can prevent minors from receiving a large sum of money all at once while allowing a trustee to distribute funds for their education, healthcare, and other needs. There are two ways to think of setting up a trust: a lifetime trust, and a trust through your will. Without either, a guardian of property for your children will need to be appointed by Surrogate’s Court and then assets are held jointly with Surrogate’s Court until a child is age eighteen. This is usually not what parents want for their children. A lifetime trust provides more control in various ways, including avoiding probate for assets held in trust. Where minors are to benefit from an estate, there are others who can be involved in the entire estate, from estranged spouses or blended family concerns, creditor issues, court-appointed attorneys who act on behalf of minor children, guardianship of property appointments, delays in probate and so on.

Why Consider a Trust?

You can control when and how your child receives their inheritance.
You can name a trustee (a responsible person or professional) to manage the assets until your child reaches a responsible age or in terms you find acceptable.
A lifetime trusts avoids probate, which can be costly, time-consuming, and cause delays in funds that may be needed to handle expenses for the child.

Here’s an Example:

If you leave $200,000 to your 10-year-old in your will without a trust, Surrogate’s Court will appoint a guardian of property to manage those funds jointly with the Court until they turn 18. The child will then be given all of those funds that remain at one time when they turn 18… which we know may not be used with their best interest. Of course, many factors can come into play depending on the child’s situation. Yet, the maturity of the child and the ability of him/her to handle a windfall can be largely unknown. With a trust, you can specify that the funds be managed and distributed in the trustee’s discretion or even in a gradual manner depending on needs, age, or other guardrails (e.g., for age, this could be some at 25, more at 30, etc.), ensuring they don’t blow through their inheritance too soon and learn to manage it responsibly.

3. A Power of Attorney and Health Care Proxy/Living Will

Most parents think estate planning is only about what happens when they pass away, but planning for incapacity is just as important. If you become unable to make decisions for yourself, who will manage your finances and make medical decisions for yours and your family’s behalf?

Power of Attorney : Names someone to handle financial matters
Health Care Proxy : Names someone to make medical decisions for you

(As well, as mentioned above, there is the Standby Guardian which names someone to handle decisions regarding your minor child if you’re unable to in certain circumstances).

Example: If you were in an accident and unable to access your accounts, pay your bills, or make medical choices, who would be able to take care of this for you? If you were incapacitated and your child had to go to the emergency room, who would be able to make medical decisions on their behalf? Having these documents in place ensures that someone you trust can step in without the court having to get involved.

What Happens If You Don’t Have an Estate Plan?

According to the New York State Unified Court System , if parents pass away without a will, the court appoints a guardian based on the child's best interests. This process can be time-consuming, costly, and may not reflect the parents' true wishes, underscoring the importance of formal estate planning for parents of young children. If you pass away in Amherst, Williamsville, or anywhere in New York State without an estate plan, your estate will go through New York’s intestacy laws, which means:

The court will decide who has the right to make decisions for your children.
The court determines who manages your child’s inheritance.
Your assets may be tied up in probate, causing delays and extra expenses.
Your child will receive their entire inheritance at 18, with no restrictions.

Estate planning services help you take control over these decisions now, rather than leaving them up to a judge who doesn’t know your family’s needs or your wants for your children.

Getting Started: Estate Planning for Parents in Western New York

The good news? Estate planning doesn’t have to be complicated or stressful. At Ruth P. George Law PLLC, we concentrate in estate planning services for families in Buffalo, and throughout Western New York. We know how important the details are when it comes to estate planning with kids involved, and will help you create a comprehensive plan to protect your children and ensure your wishes are carried out.

Not sure where to start? Visit our Estate Planning Services page or schedule a consultation today! Let’s create a plan that gives you peace of mind - so you can focus on what matters most: your family.

Life Happens: When to Update Your Estate Plan to Keep It Current

Wed, 19 Feb 2025 18:51:41 GMT

Life always moves faster than you’d think. One day, you’re starting a new job or welcoming a child into the world, and before you know it, not just months but years have gone by.

You find yourself saying ‘I’m going to get around to that!” but somehow it’s just so hard to get around to doing some things! One such “thing” that falls into this category tends to be estate plans. You finally get around to doing it one year, but then… just like that 3 years and a new home purchase have flown by! Well, here is your encouragement to look at those documents, because just like you wouldn’t rely on an old insurance policy to protect your family today, you shouldn’t rely on an outdated estate plan to secure their future.

A prime example? Heath Ledger, the late actor best known for his iconic role as The Joker in The Dark Knight . Ledger tragically passed away in 2008 at just 28 years old. While he was one of perhaps the few 28 year olds who had created a will (in 2003), it hadn’t been updated after the birth of his daughter, Matilda. This meant that legally, everything in his estate would have gone to the beneficiaries named in his outdated will - his parents - rather than to his young daughter. Thankfully, Ledger’s family chose to gift his entire estate to Matilda out of love and consideration for what they believed their son would have truly wanted.

But, unfortunately, not all families handle inheritance with such generosity. This real-life example emphasizes the importance of updating your estate plan after major life events to ensure that the people you want to inherit your assets actually do. You can Learn more about Heath Ledger’s estate and his daughter Matilda here .

So, When Should You Update Your Estate Plan?

Estate planning isn’t a one-and-done task - it needs to evolve as your life does. While it’s good to create a habit of looking through these documents minimally once a year, let’s go through some of the life events that really demand that you take a look at your last will and testament, any trusts, and other legal documents.

1. Marriage or Divorce

Whether you’re saying “I do” or signing divorce papers, your estate plan needs to reflect your new reality. Many people assume their spouse will automatically inherit everything, but New York State laws don’t always guarantee this outcome if your will isn’t updated. You will want to:

Make sure you add your spouse as a beneficiary to ensure they inherit as intended.
Remove an ex-spouse to prevent unintended inheritance conflicts.
Update your power of attorney and healthcare proxies to reflect the person you trust most in case of emergencies - This particularly may no longer be an ex-spouse!

Since we were chatting about Heath Ledger previously we can refer to that situation - If Ledger had married Matilda’s mother, Michelle Williams, but never updated his estate plan, Matilda wouldn’t have been entitled to anything unless specifically named or without litigation that resulted in the will being thrown out! (By the way, the litigation route is a process with no guaranteed outcome and with all the burdens of proof being required, it’s an extremely costly and difficult and time-consuming process to even go through - whether from the person objecting to the will or the person trying to prove the will - with a Surrogate Judge making the decision).

2. Birth or Adoption of a Child or Grandchild

Welcoming a child is a huge milestone, and one that can’t be missed when it comes to estate planning. If you don’t update your estate plan, your child may not automatically inherit in the way you intend, and this could prove disastrous and difficult if both parents of that child are harmed in the same event. You should make sure that you:

Ensure your child is named in your will or trust, as desired.
Consider setting up a trust to control when and how they receive their inheritance (an attorney can help you consider appropriate options here).
Nominate a legal guardian to care for them if something happens to you - Sometimes the parent or sibling that New York State would want to send your child to go live with is decidedly NOT who you would choose to care for your child!

Let’s take another look at Heath’s situation - His will was written before Matilda was born. If his family hadn’t stepped in, she wouldn’t have inherited anything at all under the original document, despite being Ledger’s only daughter.

The American Bar Association is also a great resource if you’re looking to learn a bit more about the estate planning basics!

3. Death of a Beneficiary or Executor

Life, if nothing else, is predictably unpredictable. If someone named in your estate plan passes away, your plan needs to be adjusted to reflect this loss. A few of the things you should think about are:

Reassigning an executor if your chosen person has passed or is no longer able to serve. If they aren’t around at the time of your passing, who is the named alternate? Are they ready, willing and able to serve? There could be complications in this way and it’s always important to keep your will up-to-date. Ultimately, Surrogate’s Court could determine who could act as the appropriate executor on behalf of the estate. Unfortunately, as you can imagine this can lead to family disputes, delays, and additional costs.
Update beneficiary designations so assets don’t end up in probate due to an unlisted heir, such as a deceased brother or parent.

If Ledger’s named beneficiaries had predeceased him, his estate might have been distributed under New York intestacy laws, leading to unintended consequences.

4. Significant Financial Changes

Did you recently buy a house in Williamsville? Or, perhaps open a new business in Buffalo? Receive an inheritance? You need to make sure your estate plan matches your financial situation. Here are a few things to consider:

Speaking with your attorney to discuss if new assets need to be a part of a change in your estate plans. This can include ensuring they are considered in your will or trust.
Consider income tax, capital gains tax and estate tax implications. This can be extremely important to plan appropriately for - as planning with tax implications in mind can mean a great difference for your loved ones.
If you started a business, create a succession plan so your company doesn’t fall into legal limbo (this process is definitely something to chat with an attorney about, so if this is you feel free to Contact Us !)

You can also learn more about estate and gift taxes right on the IRS Website !

5. Moving to a Different State

This is one that often people don’t think about, but state laws can vary dramatically and therefore this is an important one!!! Estate laws vary by state. If you move to or from New York, your plan may not be valid or might require specific revisions to allow it to be valid in the new state where you reside. Here are a few things to think about:

Where some states may, New York doesn’t recognize handwritten wills (unless in few circumstances, such as made by active military members).
Different states have varying probate rules - Re-deciphering these rules at the actual time of probate could result in court delays and extra fees. Therefore, running these by an attorney in your current state could save your family a significant amount of time and money at the time of your probate.
Powers of attorney may need to be redone to comply with local laws. And, local financial institutions and others will likely want to see documents that are prepared and executed in the state where the document is presented - so, “snowbirds” may need two power of attorney documents that work in conjunction with each other but are readily accepted by both Florida and New York State, as an example.

Revisiting Heath’s situation, if Ledger had moved from Australia to New York before his passing, his will may have needed revisions to comply with United States and New York State laws.

Don’t Leave It to Chance

Heath Ledger’s story reminds us of an important lesson: life is unpredictable, and your estate plan needs to reflect your current reality . His daughter was fortunate that his family acted with generosity, but as we know, not all families get along and not all families handle inheritances the same way.

Your estate plan is one of the most important documents you’ll ever create. Make sure it keeps up with your life!

Need to update your will or trust? Contact Ruth P. George Law PLLC today to ensure your estate plan is current and legally sound. Visit our Estate Planning page or schedule a consultation - we’re here to help Western New York families protect their legacies.

Trust Issues? Breaking Down Revocable vs. Irrevocable Trusts

Fri, 10 Jan 2025 15:43:28 GMT

Trusts can feel like a mystery - are they just for the super-wealthy? And what exactly is the difference between a revocable and an irrevocable trust? And, most importantly, is a trust something that you actually need?

If you’re exploring estate planning options and live in the Western New York area, we would be happy to help you with trust planning. Understanding some of the basics of trusts can make a huge difference in managing and protecting your assets, and, in turn, you and your loved ones.

Let’s dig into the world of revocable and irrevocable trusts, break down their key differences, and help you figure out which option might suit your long-term estate planning goals.

What Is a Lifetime Trust, Anyway?

At its core, a trust is a legal arrangement that allows you (the grantor) to transfer assets to someone you name as a trustee, who manages those assets on behalf of your chosen beneficiaries. Trusts can offer protection and control over how your assets are managed and distributed. (Just a quick tip: when you see the word “assets” think of property - you can have different kinds of property but the word “assets” is meant to include any kind of property you own).

But, not all lifetime trusts have the same goals, which is why it’s important to note the differences. The two lifetime trusts break down into two main forms: revocable trusts and irrevocable trusts. A main difference between them is found in the name itself! Whether a lifetime trust can be changed or amended by the grantor after its creation is a significant reason to set up one trust versus the other. You can also check out more about trusts and wills right here on our website!

Revocable Trusts: Flexibility at Its Finest

Let’s start with lifetime revocable trusts! A lifetime revocable trust (often called a living trust) allows you to maintain control over the assets you place in the trust while you are alive. You can make any needed changes easily, including adding or removing assets, changing beneficiaries, making changes to the trust terms, or even dissolving the trust entirely in the event your situation changes. This flexibility makes lifetime revocable trusts a very popular choice for many families for preparing for the future and organizing their assets and overall estate matters.

Benefits of a Revocable Trust:

Avoiding Probate - Assets in a lifetime revocable trust don’t go through probate, saving time and reducing court and associated probate costs for your family. The New York State Unified Court System highlights how probate can be a lengthy process, which a trust can help bypass.
Beneficial Income Tax Planning - Placing assets in a revocable trust can mean a big difference when it comes to income tax planning. People sometimes mistakenly think transferring assets directly to others is the best planning and overlook what this may mean for income taxes into the future upon a sale of the asset. (More on this later!)
Step-Up in Basis Upon Death - Assets within your gross estate receive a “step-up” in basis which can be a much better way to plan than outright gifting. So often, families make mistakes in making decisions without consulting with an estate planning attorney. This kind of forward thinking can save a lot in tax dollars down the road!
Protection for Special Needs Beneficiaries - A trust can hold assets to benefit disabled individuals while preserving critical government benefits.
Great Consideration for Blended Families - A trust can be a great way to clearly designate assets, avoiding confusion and conflict between family members at the time of your death.
Planning for Incapacity - If you become incapacitated, a successor trustee (or even a co-trustee if set up this way) can manage the trust assets on your behalf without the need for court intervention or reliance on a Power of Attorney which can have various problems and complications.
Better Control and Privacy - A lifetime trust can help you by having better control of your assets, keeping matters private and allowing assets to be distributed in a more tailored manner. Unlike a will or power of attorney, a lifetime trust is a “living, breathing” document that can greatly help with asset management as soon as it is set up and well into the future. Unlike a power of attorney, a lifetime trust has provisions and instructions about how your assets should be managed, handled and distributed along with various protections for yourself and other beneficiaries. Unlike a will, a lifetime trust has more robust provisions providing for a whole host of matters from dealing with assets and beneficiaries to determining successor or co-trustees and providing roles for other individuals, such as a “Trust Protector”. As well, a lifetime trust can also have “sub-trusts” included for various beneficiaries and situations. By and large, a lifetime trust creates a better backdrop to plan for the future. As well, a lifetime trust can continue for some period of time, so it becomes a great way to organize assets, as opposed to piecemeal planning.
A “Pot” to Use for Beneficiary Designations - You can name the trustee of the lifetime trust as the beneficiary on assets (think bank accounts, investment accounts, life insurance, retirement accounts, and so on) for when you pass. Of course, you can re-title assets into the name of the trust while you are living, but, sometimes, there are reasons to only have the trust receive assets upon your passing. The beneficiary designations can name the trustee of the trust and then the trust can be that one place that you provide for beneficiaries in a holistic fashion. This can really deal with assets in a more organized fashion. As well, you can make changes to the trust provisions as opposed to each beneficiary designation into the future.

Drawbacks to Consider:

No Tax Protection - A revocable trust won’t protect your assets from creditors or potential estate taxes because the assets are still considered yours in those contexts.
Funding is a Must - To ensure the lifetime trust meets your goals, you will need to actively transfer the assets you want in the trust actually to the trust, which requires some work. It’s do-able work, but, does take time.

Irrevocable Trusts: Strength in Stability

While a lifetime revocable trust is changeable, a lifetime irrevocable trust is largely considered “permanent”. There are ways to go about making a change to an irrevocable trust, but, this is not what the trust is meant for as it is really set up with the idea that is will not be changed or amended. If a change, amendment or even revocation of the irrevocable lifetime trust is desired, it would mean the purpose of the trust will be defeated; as well, there can be complications and difficulties which would be determined at such a time. In the case of a lifetime irrevocable trust, the trust agreement typically would not have you as the trustee. The reason being is that you do not want to have too much control over trust assets as this could defeat the purpose of the trust. This would be heavily fact specific and be worked through with your estate planning attorney. As well, when you set up the lifetime irrevocable trust, you are essentially giving up ownership and control of the assets placed in the trust. You may also be transferring assets or the trustee may be purchasing assets so that these assets are not part of your gross estate for estate tax purposes. Generally, there is an underlying theme of inflexibility with a lifetime irrevocable trust and this can seem intimidating. However, there are reasons that this kind of trust is perfectly suited for ones estate planning goals and if done properly, the benefits can be significant!

Benefits of an Irrevocable Trust:

Asset Protection - Assets in an irrevocable trust are shielded from creditors, lawsuits, and long-term care costs. For example, if you incur significant medical bills prior to your death, these assets are protected from paying those bills. Additionally, if you are a business owner in New York State, an irrevocable trust can help protect your personal assets from business-related lawsuits or debts.
Beneficial Income Tax Planning - As with a lifetime revocable trust, you can still achieve beneficial income tax planning with an irrevocable lifetime trust. It will just be a bit more nuanced as far as determining your overall goals and what you want to achieve in this regard.
Step-Up in Basis Upon Death - As with a lifetime revocable trust, you can still achieve the step-up in basis with assets in a lifetime irrevocable trust. Just as with income tax planning, it will just be a bit more nuanced as far as determining your overall goals and want you want to achieve with estate tax planning.
Estate Tax Savings - If estate taxes are a concern, you will can consider removing assets from your taxable estate by transferring them to a lifetime irrevocable trust. You will do so with the overall goal of reducing Federal and/or New York (for those with New York estates) estate taxes. The Internal Revenue Service (IRS) outlines how these trusts can help with long-term tax strategies.
Legacy Preservation - You can ensure your estate plans will not be changed into the future and that what you have put in place through the lifetime irrevocable trust will stay intact. With that in mind, assets like family heirlooms, real estate, or even a business are preserved and distributed according to your exact wishes, such as a home or property going to specific beneficiaries.
Privacy - Just as with the lifetime revocable trust, there are benefits of trust planning, in general. Privacy is a big one so it’s worth mentioning again, although benefits of trust planning cross-over between both the lifetime revocable trust and the lifetime irrevocable trust.

Potential Drawbacks:

Loss of Control - Once assets are placed in an irrevocable trust, you can’t change the terms all on your own or take back assets as you wish. This makes it critical to carefully plan the terms of the trust - No take backs!
Complex Setup - Creating an irrevocable trust often requires a more serious understanding as it is meant to stay in place for the benefits that are initially desired to stay-intact. Be prepared to think long-term and work with an experienced estate planning attorney to ensure the trust aligns with your goals and complies with the various laws, including New York State laws for trusts set up in New York.

Choosing the Right Trust for Your Estate Plan

Deciding between a lifetime revocable and a lifetime irrevocable trust (as with most components of a well thought-out estate plan) depends on your unique circumstances and goals. Here are a few of the key factors that we always consider with our clients:

Flexibility vs. Protection - If maintaining control of your assets is important, a lifetime revocable trust is likely the better fit. If asset protection, keeping plans in tact for the future, or even estate tax savings are among your priorities, a lifetime irrevocable trust may be the way to go.
Family Needs or Red Flags - A revocable trust can really play a key factor in helping with family needs or overcoming red flag situations. Even if a lifetime irrevocable trust is not desired, a lifetime revocable trust can be a fantastic planning vehicle for situations where there are concerns or issues with or between beneficiaries or family. Do you have young children or beneficiaries with special needs? Do you have out-of-state property? Do you have out-of-state or even-out-the country family or beneficiaries? Do you have estranged children or estranged spouses? Do you have family who may cause complications or problems, either during your life or at your passing? Are you in a relationship but not married and want to benefit your significant other? And, so on! The possible reasons and situations here are endless! Just know that a lifetime revocable trust can really help with plans for the future and keeping your desires intact!
Two trusts - It’s certainly possible to set up two trusts, one lifetime revocable trust and one irrevocable lifetime trust! Each has their own significant purpose. And, remember, if you set up both kinds of lifetime trusts, you can obtain the benefits of both through each trust. You’ll be figuring where assets would be placed between the two different kinds of trusts. And, remember, with a lifetime irrevocable trust, keeping your plans safeguarded into the future, having creditor protection and, establishing estate tax savings are among the main goals that factor in. With a lifetime revocable trust, having the flexibility to change trust provisions, stay in control of assets yourself, and add assets as you go are among the main goals that factor in. Both lifetime trusts have useful features, so it’s all about having good conversations with your estate planning attorney so that everything can be discussed and tailored to your goals!

Trusts are an important consideration for any estate plan, particularly in New York.

Trusts aren’t just reserved for the wealthy - they’re a tool for anyone who wants to manage and protect their assets, provide an efficient manner to transfer assets, provide a legacy for their loved ones, and ensure one’s wishes are carried out. In places like Western New York, where families often have diverse needs ranging from real estate protection to tax considerations to Medicaid and long term care planning, trusts can be an incredibly impactful, if not a necessary tool in estate planning.

As the American Bar Association reiterates, trusts are an integral part of a comprehensive estate plan, especially for those who want to simplify the process for their heirs and minimize potential conflicts. Ultimately the more that you can organize and plan for yourself and your own estate, the easier the process of handling your assets will be - both during your life and at the time of your passing!

Ready to Explore Trust Options?

We hope that we answered some of your trust-related questions here, but if you still have some left unanswered, never hesitate to contact us ! You can also check out our Trusts, Wills, and Legal Documents page on our website that has some additional tips! At RUTH P. GEORGE LAW PLLC , we concentrate our practice in creating trusts and wills for families in Williamsville, Cheektowaga, Depew, and across all of Western New York. Whether you’re considering a revocable or irrevocable trust, a simple will, or have other estate planning questions, we will work with you to design a plan that meets your needs and protects your legacy. Let’s create a plan that gives you and your loved ones peace of mind for years to come!

The Inside Scoop on Being an Executor: What You Need to Know

Mon, 16 Dec 2024 22:03:04 GMT

Here at Ruth P. George Law PLLC, we take the selection of will executors quite seriously. But why is it so incredibly important, you ask?

They’re just going to read a document and the court is going to help distribute everything in the will….. right?! Well, not exactly - We’re here to really give you the inside scoop, so that when you are the executor you know what to expect, but also so you can thoughtful in your selection of an executor for your own will, and make sure that your loved ones can make the best choices for their situations as well. Being named an executor is one of the highest votes of trust and confidence that someone can place in you, and it means the person who created the will believed in your ability to handle possibly life’s most complex personal task: settling their estate. While it is an honor, being an executor can also be overwhelming, stressful at times, and requires not just the ability to handle a few pieces of paperwork - It’s about honoring someone’s legacy, and requires handling family dynamics with grace, often balancing a mix of financial, emotional, and legal responsibilities.

If you’re stepping into this role in Erie County, New York or other counties in the area, we would love to help you as an executor! As far as a general guide to give you a few overall insights and common observations, read on!

What Exactly Does an Executor Do?

An executor is the person legally responsible for ensuring that the deceased’s wishes, as specifically outlined in their will, are carried out. This means you’ll be overseeing everything from handling matters before the will is “admitted to probate”, petitioning the court to have the will deemed valid and indeed the decedent’s last will and testament (which requires more than you may think), protecting and safeguarding assets, communicating with heirs and beneficiaries, settling debts, paying estate administration expenses, filing tax returns and working to finalize the estate as well. In a usual probate, there are countless larger and smaller matters to manage, and your actions and decisions can often have significant financial and emotional implications for everyone involved.

Let’s dive into the steps of probate and what makes this role both challenging and deeply meaningful.

Step 1: First Thing’s First! Speak with a Probate Attorney

Before anything else, connect with a local probate attorney. We like to emphasize local, because an attorney who is local can make such a significant difference. An experienced attorney will help you avoid common pitfalls, meet legal requirements, and keep things on track. In Wester New York and the surrounding areas, we help executors as we are familiar with the local surrogates’ court in these areas. Being familiar with the court processes and handling of estate matters can make everything go much smoother for both an executor and family undergoing probate and can speed up what can be an often lengthy and stressful process, whether you’re in New York or beyond! As well, there are any number of other people, including professionals, that may be needed, such as realtors, accountants, clean-out companies, and so on that will be a part of the local attorney’s network. This can make the process run more smoothly, as well!

Important Notes:

It’s Okay to Ask Questions: No one expects you to know everything (or anything!) about probate. A good attorney will guide you step by step and explain all of the legalities in plain language so that you can really grasp what you’re getting into.
Bring All Relevant Documents: The will, death certificate, and a list of assets and potential debts (as best as you can compile) are helpful starting points. The more prepared you are, the more productive your first meeting will be. Keep in mind that there can be additional information that you will need to obtain that you would not have guessed was needed. Or, there can be additional documents, such as another will or a “codicil” that show up or are found. Bottom line is that you can start with what you have, but keep in mind there can be some twists and turns that you will navigate with your attorney.

Step 2: Filing the Petition

Once you’ve retained an attorney, they will help you file a petition with the Erie County Surrogate’s Court or other courts to officially begin the probate process. This step is the start for the court to (hopefully) issue documents that legally recognize you as the executor which give you the legal authority to act on behalf of the estate. Each estate has its own set of facts and circumstances that require each petition contain specific information that is required. Again, there can be more than meets the eye in the initial phase and the idea is to work diligently with your attorney to get the ball rolling as smoothly as possible.

Keep in Mind:

There Can be Delays or the Will Might Be Contested: If someone disputes the validity of the will, it can delay the entire process. However, even if the will is not contested, there can be delays due to any number of reasons, including missing information, unknown information, unknown family relationship, individuals who cannot be located, individuals who are under a disability, lack of documentation from birth certificates, divorce decrees, death certificates, and so on. Your attorney will be essential in helping you understand the various information and papers needed. The idea is you want to get the probate petition right, otherwise, there could be even greater problems down the road. Although sometimes potential delays are inevitable, you will be an important source of information and help in establishing the necessary information for the probate petition. As well, you and your attorney will work through options and the best way forward given the circumstances. Sometimes, a preliminary appointment can be obtained when there will be some kind of delay in this initial stage. This can be so crucial in protecting and safeguarding assets. Think of even real estate that could rapidly deteriorate, especially in a Buffalo winter! Or, investment or bank accounts that need to be closely monitored.
Court Fees are Needed: Filing fees in New York are based on the size of the estate. Be prepared to pay these upfront and keep receipts for reimbursement from the estate.
Attorney’s Fees: You’ll establish an attorney-client relationship with your attorney with an engagement letter and, typically, a retainer. You are creating a team! This is a very important start to the probate process as you will be counting on each other for many months (or even years) to come.

Step 3: Communicating with Beneficiaries

Once you have officially begun the probate process, communication skills as an executor really start to play a big role. It is YOU who is required to handle various matters. However, you will work with your attorney in regard to various requirements, such as obtaining documents, sending documents and communicating with parties considered interested in the estate. These kinds of matters can often stir up emotions, especially if there’s tension among family members. In the selection of an executor, family dynamics alone can be an important factor when deciding who your executor should be! If you have a family member who doesn’t get along with anyone else for example, this is really not be the best person to step into an executor role! Along the course of the estate administration process, there can be challenges and unanticipated problems - for example, a surviving spouse files a “Right of Election” claim, real estate is uninsured and cannot be insured without repairs, a Power of Attorney continuing to use the document after death, a Power of Attorney improperly using the document before death, a beneficiary who passes after the decedent (requiring his/her estate to be opened) and so on! You will want to remember the guiding principles or working with your attorney and communicating with necessary parties (ie: beneficiaries)!

A Couple Pro Tips:

Set Expectations Early: Let everyone know what to expect during the process so that there are fewer (or no) surprises down the road. When people know what to expect, there is often less resistance to the usual twists and turns that navigating probate can bring. When beneficiaries are surprised by bumps in the road that they aren’t expecting, this often leads to family conflicts, disputes, and ultimately delays to the probate process as a result. Communication emphasizing that some bumps in the road in even the smoothest probate can be expected, and that probate takes many months - or even years - is the best way to start your role as executor on the right foot.
Establish Ways to Communicate: It’s so easy to get off track as an executor. One of the best things you can do, is to realize your important role as an executor and consider family conflicts. This is even so when relationships seem perfect. In handling an estate, you will want to determine how communication should occur and how the estate administration will be handled. We recommend crossing your t’s and dotting your i’s as a responsible executor and this can mean a whole host of actions and communications that you will work with your attorney on. Sometimes, a meeting with beneficiaries will be so helpful and at other times, an agreement on handling a particular asset will be so helpful. Going back to that real estate as an example, beneficiaries can completely disagree on how real estate may or should be handled. A well-meaning executor could allow a beneficiary (or other person) to move into a home belonging to the estate, or an executor could sell real estate to a family friend, or estate beneficiaries may want the home distributed to them as part (or all) of their estate distribution. There is a lot to be said here. Once the will is admitted to probate, the terms of the will must be followed. However, often times, the executor has discretion in making various decisions. Estate beneficiaries may completely disagree on how an executor is handling matters causing complications down the road. In any event, there is great opportunity to create an overall plan with your attorney and executor and communicating well with beneficiaries! This leads to one more point here which is establishing how documents will be sent to parties (ie: estate beneficiaries and so on) and how those documents will be executed properly. It is a real problem when parties cannot or do not receive legal documents or send them back executed improperly. This “little” things cause delays which can really be problematic. It’s just another way of establishing essentials early one for moving matters to move forward efficiently throughout the estate administration process.

Step 4: A Reminder on Wills

We may think it’s “easy” to have a will admitted to probate. But, there can be a whole host of reasons why this is not the case. So, let’s take a moment to remember how important it is to have a will that can be proved valid and the decedent’s (the person who passed) last will and testament by Surrogate’s Court!

A Few Insights:

Handwritten Wills Aren’t Usually Valid: The vast majority of the time, the State of New York does not recognize handwritten, unwitnessed wills (military personnel is the rare exception). This is a very important consideration, largely because when people think about writing a will they often might start by writing things down by hand. Remember, you want the a will to be validated by Surrogate’s Court which calls into play various laws and requirements. A will needs to eventually be deemed valid by Surrogate’s Court before it will mean something! (And, of course, never think making changes with “notes” on a will are the way to go!)
Witnesses May Be Called: If the will isn’t self-proving (meaning witnesses have signed a statement which is also notarized in the proper way), documents need to be obtained by the witnesses after the person passes. This can be a real problem, even just in regard to locating witnesses who would then have to examine the original will or a court certified copy before signing the document before a notary! As well, there could be additional requirements by the court or even a will hearing requiring will witnesses to provide testimony in court. If you think of it, the reason for this and other requirements is to protect individuals in having a will - we need to ensure the document is indeed the decedent’s last will and testament and was prepared, executed and finalized with necessary formalities!
Anticipate Challenges : If you suspect there might be disagreements over the will’s validity, raise these concerns with your attorney early on. They can help you prepare for potential disputes and mitigate conflicts.

Step 5: Taking Inventory of Assets

As executor, it is your responsibility to identify, locate, and value all assets in the estate. Of course, in working with an attorney, this will be done as a team! This step is often more involved than people expect - It’s not just about bank accounts and property but also personal belongings, digital assets, and even loyalty rewards programs.

Tips for Making this Easier:

Search Thoroughly: Look in expected and unexpected places. Checking the mail diligently, checking old tax returns, inquiring with local banks and so on are some expected places to find information. But, unexpected places can be brainstormed. Many people still keep physical documents like stock certificates or life insurance policies tucked away in safes or filing cabinets (or even with another family member). The key is to be on the lookout for any clues and follow-through to be thorough!
Track Down Digital Assets: Email accounts, social media profiles, and cryptocurrency wallets may require special attention to access or close (bonus points if you include where to find these items in your own will!)
Engage an Appraiser: Property may need to be valued. This can be for real estate, business interests, for unique or high-value items (e.g., antiques, jewelry, art), etc. A professional appraisal can establish value (for a few different reasons) and prevent further problems down the road, including disputes among beneficiaries.

Step 6: Settling Debts and Taxes

As an executor of a will, one of your many responsibilities is settling the estate which includes handling estate debts and making sure all taxes are paid. This includes the deceased’s final income taxes, estate taxes when they may apply, and real estate mortgages and property taxes. If debts exceed the value of the estate, it will be necessary to follow New York’s rules for prioritizing creditors.

Key Considerations:

Keep the Estate’s Money Separate: Open an estate bank account to handle estate funds and pay estate administration expenses and debts. You will never want to mix personal funds with estate funds!
Taxes Must be Considered: There are personal income tax returns, fiduciary income tax returns, estate tax returns, and, potentially, separate business tax returns that may be part of an estate administration. Working closely with your attorney is so important in these matters. Your attorney will also work closely with an accountant to ensure tax returns are properly filed and taxes are paid, as required. If New York State estate taxes are at play, it’s important to consider how filings will be timely made with taxes timely paid, or otherwise handled. For more details, visit the IRS’s Estate and Gift Taxes page .

Step 7: Asset Distribution

After estate assets are marshalled, estate debts and taxes paid or settled, it will eventually be time for the executor to distribute estate assets as provided in the will.

What to Watch For:

Personal Property Can Be Emotional: First off, personal property is sometimes distributed earlier on in the estate administration, as opposed to other property (like real estate or cash, etc.) that may need to be distributed later on. But, personal property can often be a source of conflict! Items with sentimental value often cause more disagreements than money. Being both sensitive and transparent when handling personal property can help - Like we said initially, being communicative from the get-go about the plan can help to make the entire process smoother for family dynamics!
Formalize Everything: Your attorney will ensure beneficiaries sign receipt and releases for their distributions to document that they’ve received what they were entitled to. Along the way in the course of estate administration, various documents will be obtained as the executor will want to have proof of everything done with the estate matters. There can be issues with estate beneficiaries and the idea is to avoid potential issues and disputes at any point during the process.

Step 8: Taking action to Informally or Formally Close the Estate

Phew! You’re in the home stretch! Your final task as executor is submitting paperwork to the court to show you have managed the affairs of the estate and can state there are nothing further to handle. This can be done in different ways, from an “informal” closing to a “formal” closing. With an “informal” closing, you are not requesting court involvement and find that you have the necessary agreement among parties to finalize matters. With a “formal” closing, you are asking the court to review and find that all your actions taken on behalf of the estate were done in a proper manner and in accordance with laws and the will, along with other items. If you are at the point of concluding estate matters, you should feel quite proud, as being an executor isn’t for the faint of heart in most cases. It requires excellent communication skills, an ability to get along with many different personalities or family members, while also keeping everything very organized and documented through the entire process. You will work with your attorney to determine how best to “wrap things up”!

Choosing an Executor: Why It’s a Big Deal

If you’re creating your own will, selecting the right executor is one of the most important decisions you’ll make. This role isn’t about choosing your closest family member, and it’s not even always your spouse! It’s about selecting someone who is organized, trustworthy, and capable of managing complex tasks under pressure. Consider discussing your choice with them beforehand to ensure they’re comfortable taking on this responsibility. With the right support, being an executor can be a rewarding opportunity to honor a loved one’s legacy. If you have questions or need help with probate in Williamsville, Buffalo, or anywhere in Western New York, feel free to Contact Us with your questions, or feel free to visit our Probate page for more info about this process as a whole. Whether you need to start the process of probate for a deceased loved one, or are starting to think about your own will, we’re happy to guide you through making the challenging decision of nominating an executor to your will, and can also make sure that your will has all the right moving pieces to make the process as easy as possible for that executor!

The Probate Process Is a Journey - Start off Right: A Guide for Executors and Administrators

Sun, 24 Nov 2024 15:32:59 GMT

The probate process can often seem intimidating, especially for first-time executors or administrators who suddenly find themselves responsible for managing a loved one’s estate. So, how do we make it as seamless as possible and a bit less stressful? Here’s our step-by-step look at the process referred to generally as “probate”, with our top practical tips for each phase to help you navigate it with confidence.

Step 1: Speak with a Probate Attorney

So, it all starts… Someone you love passes away, and you realize that you had agreed years ago to be their executor. Or, maybe you are just finding out upon the person passing that you have been nominated in a will to act as an executor. Or, maybe the person who has passed, had multiple conflicting wills with different executor nominations. Or, maybe the person who passed did not have a will. My goodness! These kinds of initial questions can lead to more questions. With all the possibilities, you may not be sure exactly what it all means. So, first thing’s first: We might be a tad biased, but we firmly believe starting this whole process with an experienced attorney, especially one practicing in the appropriate county of the state in which the proceeding will occur. A probate attorney can guide you through all of the complexities, from filing paperwork to managing legal requirements and assessing matters that will affect the entire estate administration. We work with people in these scenarios from the get-go! Once time has passed and certain actions and activities have occurred, it can become harder for us to get involved. We need to “retrace” all that has happened to the extent we feel comfortable becoming involved. The probate process needs to be handled with care and this means proper understandings and actions from the beginning. For some information on probate, check out our website. Remember, every estate is different and it’s about establishing a good working team from the beginning for a better process and less stress!

Tips for a Smooth Start:

Choose an Attorney with Probate Expertise : You wouldn’t want a podiatrist doing your heart surgery, and similarly you do not want just any attorney helping you with probate. There are too many nuances, too many laws, and too many details that can be easily overlooked by someone who isn’t looking at probate matters everyday. If you’re in Erie County, New York or the Western New York area (where we practice), finding an attorney in these areas who concentrates in probate and estate law will be critical for getting started on the right foot. Local knowledge and help is key and there are any number of other professionals and helpers that we can introduce clients to, such as realtors, accountants, clean-out companies and so on. As well, there are always going to be nuances in regard to probate requirements and other estate matters that are particular to the area.
Ask Questions Early : Don’t hesitate to ask questions - in fact, make a list for your initial consultation that is written down and not just in your head! Your can discuss your specific situation and start to actually understand what factors are involved. This kind of discussion is eye-opening as people realize various items about the process and what will be required and needed moving forward. As well, knowing some general information on timelines can help you understand what to expect moving forward. Setting realistic expectations can only help with the entire process.
Gather Essential Documents : Have the will, death certificate, information about people and any other financial documents you feel are relevant ready for the attorney. These documents may not be readily available, especially for your initial consultation, but, whatever you may be able to bring with you to your appointment can be helpful. Make sure you do not do anything to the will to change how it was when it was located, if you do locate one. Wills can be located in any number of places, including a person’s home, Surrogate’s Court, with an attorney, with the nominated executor and so on. The attorney will have follow-up questions, but starting with what you can is helpful. You are looking to gather information about people as well as gathering various documents which will speed up the initial process. The attorney will need various information to get initial paperwork started. This initial paperwork, of course, needs to be correct! We don’t want to have to amend our paperwork, or worse, yet, have a defective estate proceeding because the initial information was incorrect. Just be prepared to being as helpful as possible as you’re on the same team with your attorney to start things off correctly!

Step 2: Establishing Your Attorney and Next Steps (including filing a Petition)

Entering into an engagement with an attorney can take a formal engagement letter and a retainer. It’s part of moving forward and an important one! You’re establishing a team that needs to be on the same page for a long period of time. Once you have an attorney all set and ready to move forward, the next steps are all about working with him/her to provide help in gathering all the necessary information and paperwork to open an estate in Surrogate’s Court. This is dependent upon the facts and circumstances at the time. So much can come into play that you really want to work with your attorney so that, ultimately, the filings with Surrogate’s Court have everything needed. Sometimes, this is not possible and there will be follow-up which is another reason why you want to establish a good team that communicates well with each other right from the get go. There may be a small estate proceeding to handle matters. Or, there may be a need for a full probate or administration proceeding. A probate or administration proceeding includes a petition where the petitioner requests Surrogate’s Court to appoint an executor (where there is a will) or an administrator (where there is no will) to handle the estate. Establishing what is called “jurisdiction” is essential. This means filing the petition with the necessary papers in the county where the decedent was “domiciled” which can be more quite nuanced. And, it means obtaining “personal jurisdiction” over necessary parties (even when there is a will). This petition is the official request to “open” the estate through Surrogate’s Court. Each estate is different in what needs to be in the petition and the documents to include along with the petition. There are many variables! This process starts “probate” which is referred to, generally, as the stages you will need to go through for the entire estate matter. However, “probate” technically means that Surrogate’s Court has found a will to be the decedent’s last will and testament and that it is valid. Again, where the decedent passed with a will, the nominated executor who successfully petitions Surrogate’s Court to be appointed, does indeed have the will deemed valid and does indeed become officially appointed by the Court as the executor. Where there is no will, there will be a person filing a petition seeking appointment as administrator. There is a pecking order in New York State law as to who may petition the Court to ask to be appointed as an administrator.

Tips for a Smooth Petition Filing:

Double-Check the Petition : Working with your attorney, ensure all required information is accurate and complete before submitting (psst! That teamwork with your attorney is critical!!) Even minor errors in this paperwork can delay the process.
Provide Clear Information for Parties : Ensure your petition has current information for all involved parties so that further complications do not unfold.
Prepare for Fees : Be prepared for court fees associated with filing documents with Surrogate’s Court, as these will be required upfront.

Step 3: Obtain Necessary Jurisdiction over Heirs and Notify Other Parties

The petition may have other documents, such as Waivers and Consents from next-of-kin, that establish “personal jurisdiction” over necessary parties. If not, there may be a need to have the Court issue a “citation” which then must be served on necessary parties. There could also be separate notice requirements for others, such as beneficiaries and fiduciaries, who are not also next-of-kin or petitioners. These are just a few ways in which the initial steps affect the next steps. Your attorney will work through the various requirements considering the facts and circumstances. But, just note that there can be various requirements where people, such as heirs, beneficiaries, and interested parties need to be incorporated into the proceeding. This can even include Surrogate’s Court appointing an attorney called a “Guardian ad Litem” to step in and represent an individual who cannot represent his/her own interests for any number of reasons. The whole idea is that for the initial proceeding to be solid and not challenged later on down the road, the right people who could have a legal stake in the proceeding need to be part of it.

Tips for Initial Stages:

Strategy : In the beginning, there will be a need to assess the overall picture of the estate and how best to handle the initial phases. There can be complications stemming from people, the will(s), assets, debts, business interests and so on. For example, a will done by a person without an attorney typically has issues that can cause problems right away. Another example, which often comes into play as a problem from the beginning is not being in a position to obtain necessary information on next of kin. Sometimes, there are estranged spouses, children who may have been “adopted out”, estranged next-of-kin where information is unknown, predeceased next-of-kin whose children then come into play and so on! Roadblocks need to be assessed with potential ways to overcome them, as soon as possible.
Determining How to Send Documents: In the beginning, there may be a need to send documents to various parties. There may also be a need to serve parties with a “citation”. You’ll work with your attorney on how this should be handled. It’s so important to establish correct information for people, including current legal names and addresses, to help here. There can be reasons to send documents via certified mail or other ways. The whole idea is to provide efficient but effective ways to ensure necessary people are receiving documents to prevent problems and disputes later on. Sometimes, even initial documentation on handling certain items and communicating with parties can go along way to helping in what can become a difficult early start to the process. As we all know, sometimes families don’t always get along and establishing how certain communications will be made can be protective for all involved!
Keep the Lines of Communication Strong: Life gets busy and it’s easy, under any circumstances, to forget to handle or respond to an email or other request. Being part of a team effort means communicating even just to say, you’ve received an email or etc. and will respond soon. Keeping current with everything takes diligent efforts. As well, an executor or administrator will want to start keeping track of information and documents to stay organized! Even having folders to hold documents, information and notes all in one place can go along way to staying organized and remembering what next needs to be done. Keeping things top-of-mind by being able to easily refer to items to do, emails to review, documents to keep, and so on is a great way to make the whole process a bit smoother! Your attorney may also have a “client portal” to keep access to communications, documents and events in an easily accessible manner.
Be Transparent : Clear, open communication with people, from your attorney, to heirs and beneficiaries can prevent misunderstandings and foster a smoother process. You never want to be accused of holding on to essential information or keeping facts hidden or not being forthright. This is all part of the understanding you will have with your attorney.

Step 4: Will Validation or Next-of-Kin Established Where There is No Will

In this goal in the process, where there is a will, Surrogate’s Court verifies that the will offered for probate is the decedent’s valid last will and testament. This includes Surrogate’s Court issuing a decree which will have language ordering that the will is accepted as the decedent’s last will and testament. To get this point can be quite complicated! It involves the will along with other documents and parties being involved, such as affidavits, waivers and consents, notices and so on. The will may appear to be valid “on its face” (where the will was attorney prepared and executed) or not, there could be incapacitated individuals, unknown individuals, individuals whose whereabouts are unknown, minor children, incarcerated individuals, charities as beneficiaries, and so. The Attorney General or Public Administrator may need to be a part of the proceeding to open the estate. As well, an attorney may be appointed by the court, called a Guardian ad Litem, to act on behalf of individuals who cannot represent themselves. Where there is no will, Surrogate’s Court verifies that the person who has a statutory right to act is the one petitioning to act or has renounced his/her right to act, if another person is petitioning to act. It is essential that the pecking order in New York State law is followed because the person passed without a will and, therefore, the right of a person to act stems from this pecking order.

Tips for Smooth Will Validation or Establishing the Right to Act as Administrator:

Work With Your Attorney : Your attorney will review the will and what may be necessary. As well, where there is no will, your attorney will review with you the pecking order provided by New York State law. There are any number of variables here. For a will, this could include tracking down the witnesses if self-providing affidavits were not executed at the time the will was executed. Where there is no will, the appropriate pecking order and potential documents will be evaluated. If waivers and consents are not obtained, there can be further requirements down the road. This is, again, another reason why starting with an attorney and correct information right from the get-go is so important. Proving information regarding people, such as next-of-kin and beneficiaries cannot be underestimated! When you’re able to provide any helpful information, this can make things so much smoother here. Sometimes, a lack of information or correct information can completely stall the process or cause a defective proceeding!
Provide Any Further Information : Sometimes initial information is wrong or there is a further need to fill in gaps, even after the initial petition is filed. Talking with various family members to obtain any further necessary information can greatly help your attorney take whatever steps are needed when this happens. Be willing to help, as needed!
Address Questions Head-On : If any family members questions the will’s validity or the pecking order of who can act where there is no will, discuss this with your attorney. Being informed about the possibilities will help with realistic expectations. Not all variables can be controlled but communication can help with realistic expectations. For example, a will dispute could lead to a hearing of the will witnesses which can lead to formal objections against the will and so on. This could take a long time to unfold!

Step 5: Taking Inventory of Assets

A key part of the process is identifying and valuing all assets in the estate, from bank accounts to real estate and so on. There are two parts to this - one is that the fiduciary (meaning executor or administrator) will be working on identifying, marshaling and handling all estate assets, as appropriate - and the other is that an inventory of assets will eventually need to be filed with Surrogate’s Court.

Tips to Help Understand What Assets are a Part of the Estate:

Work with Your Attorney on How the Decedent’s Documents and Mail Are Being Collected and Organized : This should be discussed with your attorney as gaining access to documents without causing further problems needs to be assessed. It will depend on where you are at in the stage of probate and if you have legal authority to act on behalf of the estate. Eventually, it will obviously be critical to gather all information and documents on any estate assets, such as bank statements, deeds and title documents, investment accounts, life insurance, retirement accounts, business interests (including information about the business itself) and so on. Continuing to keep on top of assets and staying organized will help save time in the long run.
Use Professional Appraisers : For items of significant value (like real estate or collectibles), a professional appraisal may be helpful to ensure accurate valuations and reduce disputes about the potential value of such property during the process.
Communicate with Beneficiaries : Sharing updates with interested parties, from next-of-kin to beneficiaries (depending on the situation and timing) can keep everyone informed and prevent misunderstandings later. Good communication is at the heart of every smooth process involving probate matters!

Step 6: Paying Debts and Taxes

The estate is responsible for handling certain debts and taxes, including Federal and New York personal income taxes owed. Most estates do not have estate tax concerns, but if this type of tax were a concern, your attorney will work closely with you as estate tax returns will need to filed. In any event, this is another area that needs to be handled appropriately between the fiduciary and the attorney, otherwise, there could be problems later on . . . including personal liability to people and liens on property! This is the last thing one would want in handling an estate.

Tips for Smooth Debt and Tax Settlement:

Prioritize Income Taxes Due : Work with your attorney to determine potential Federal and New York State taxes due. Sometimes, there can be back filings and/or taxes due for personal income taxes. As well, final personal income taxes need to be filed, as appropriate. Staying organized here can help avoid last minute scrambling to get documents together.
Handle Other Tax Filings: Whether it’s estate tax returns, fiduciary income tax returns or business income tax returns, the fiduciary (ie: the executor or administrator) needs to assess how the estate will handle these filings, and, ensure they are made in a timely fashion with taxes paid to avoid interest and penalties, if at all possible.
Work With and Negotiate with Creditors if Necessary : All assets and associated debts should be evaluated as soon as possible. It’s important to understand what debts need to be paid and/or what can cause problems when estate assets are sold or distributed. For example, real estate taxes could be accruing in a substantial manner and be a real surprise when it comes to sell the property. Another example is that business loans may have been personally guaranteed by the decedent. And, so on! As with other areas of the estate administration process, handling estate debts can be an issue with various complications. It’s possible that certain creditors may accept partial payment and where there is a “deficit estate” creditors have to be dealt with in an overall manner sometimes requiring a “judicial settlement”. Working with an attorney can be incredibly helpful with all of this!
Set Aside Funds for Taxes : Ensure there are enough funds in the estate to cover any taxes due. Taxes may take priority over other debts and distributions to heirs, but, of course, you don’t want any unpleasant surprises! Handling the estate is a job! Make sure you are prepared to deal with these kinds of matters.

Step 7: Distributing Assets to Beneficiaries

Once debts, taxes are all other matters are settled, (finally!) you will work with your attorney on final matters, including more paperwork to be prepared and handled and then, eventually, distribute funds/assets to the beneficiaries! As is the case throughout the probate process, it’s a matter of working with your attorney as determining when it’s time to make any kind of distributions really depends on each estate. When you looking at distributions, besides all the other factors that can come into play, the will governs who may receive what, or if there is no will, then New York State law will govern who may receive what. Complications can occur.

Tips for Smooth Endings:

Work on Final Papers with Your Attorney : We know this may sound a tad bit overemphasized and boring . . . but you want to work with your attorney on what may be needed at this phase depending on the circumstances. An accounting will provide for what has transpired over the course of the estate administration. This will be used to provide various individuals with what the fiduciary has done in regard to the estate administration. There will be receipt and release documents as well. Further, there will be documents, such as an Informal Closing Statement, or potentially even a Petition for Judicial Settlement, to handle the end of the estate.
Filing Fiduciary Income Tax Returns: Your attorney will work with an accountant in regard to these filings and there could be any number of such returns needed, depending on the estate, and ultimately, final fiduciary income tax returns may be needed.
Will or No Will Provides How Assets/Property Distribution (eventually!) : Assets/property will (eventually and hopefully) be distributed. There can be reasons why an estate can never get to this point. There can also be reasons why an estate is a deficit estate in that there are no remaining assets to distribute due to debts, creditors and/or expenses.
Stay in Contact with Necessary Parties : We stress constant communication quite a bit, and it is also key in this step - keep interested parties such as beneficiaries informed of the timeline and next steps to prevent concerns or confusion.

Step 8: Closing the Estate

There can be a period where there is a mix of working on closing matters while gearing up to “close” the estate with the court. Sometimes, an estate is settled informally where the court does not formally approve of matters. Once the creditor period has run, an executor or administrator can take actions to essentially informally “close” the estate by filing documents with Surrogate’s Court. If there is no way to “informally close” the estate, other options will be considered.

Tips for Closing Matters:

Double-Check All Records : Ensure various items in the estate have been attended to - this can include that certain bills have been paid, taxes filings made, assets marshaled and administered, and so on. Sometimes, something needs to be looked at again or an initial decision has to be changed. It happens! That’s why it’s so important to take a thorough review of all that has occurred and double check what else may be needed! We want to sleep well after we are done with the estate!
Work with Your Attorney : Taking the time to review and discuss everything with your attorney is going to make you both feel all is in order, and can prevent any last-minute hiccups or problems down the road.

The estate administration process, generally referred to as “probate” has the potential to be drawn-out, complex, and incredibly stressful for an executor, administrator, or any family involved. If you’re local to Erie County, Niagara County or the Western New York area, we love our local community and helping our clients take a deep breath, stay organized, and work through this whole process with a little less stress. If you’re ready to learn more about this process or have questions about any of these steps, feel free to reach out to us or explore our Probate page on our website for more information. We look forward to seeing you in the office soon!

Estate Planning 101: Every New Yorker needs a Plan

Sat, 12 Oct 2024 21:23:41 GMT

Welcome to Estate Planning 101!

Estate planning can be complex, so we wanted to cover some of the basics to help you on your way to having peace of mind! While our checklist certainly doesn't replace a conversation with an estate planning attorney, we hope that this will help guide you in some of the best steps to get started, and to help get you thinking about some of the important components of what makes up an effective and comprehensive estate plan in the general sense. These are general principles, but as we practice law in the Western New York area (GO BILLS!), our focus is for those specifically who are also in the Empire State! Whether you have significant assets or a fairly modest estate, estate planning is essential for everyone .

While you're probably here because you are aware of the benefits of estate planning, there can be even more to learn about! It’s an ongoing learning process because life is ever evolving, laws are changing and people and circumstances are changing. Estate planning encompasses many changing factors through the years. From minimizing income, capital gains and estate taxes, to protecting assets, and avoiding probate, and to even protecting your loved ones from potential financial burdens, the benefits are always significant and the risk you undertake by not doing excellent estate planning is also quite significant. From creating a will and establishing lifetime trusts to designating beneficiaries and making health care directives, this guide will provide you with the knowledge and tools to navigate the complex world of estate planning. Ultimately, our goal at RUTH P. GEORGE LAW PLLC is to empower you with the information you need to make informed decisions and safeguard yourself, your loved ones and your assets! Future generations will notice your powerful example of estate planning done right!

Why is Estate Planning so important?

Estate planning is a critical aspect of financial and personal management that often gets overlooked or postponed... often until it's too late. From our perspective and what we see happen during life and in probate, we strongly urge you to consider at least doing the basics to clarify matters for your loved ones! At its core, a comprehensive estate plan ensures that you and your loved ones are taken care of and that your property is properly managed and handled, with your wishes followed during life and at your death.

One of the primary reasons why estate planning is so crucial is to avoid the costly and time-consuming process of guardianship proceedings during life and a difficult probate at your passing. Guardianships for adults can occur when there is a lack in legal authority for appropriate people to help you when are unable to make decisions and handle matters on your own. It can also occur when there are disputes between the agents named in legal documents and/or family members. It’s a very costly and burdensome proceeding to go through and can cause incredible stress and difficulties on loved ones.

Probate is the legal process of distributing a deceased person's assets according to either a will or New York State laws, which can be lengthy, complex, and expensive (even if it goes smoothly!) Factor in a dispute or two by a family member, and this process could take years .

By having a well-crafted estate plan , you can provide clear instructions for who you want in charge to legally handle your health care matters and financial matters during life as well as what you desire with your assets upon your passing!

What are the Key Components of a Great Estate Plan?

A comprehensive estate plan typically includes several key components, each serving a specific purpose in protecting your assets and ensuring your wishes are carried out. Understanding these elements is crucial for developing a robust and effective plan, and often it can be challenging to figure out which components would be best for your situation without talking to an estate planning attorney.

One of the most fundamental components of an estate plan is a last will and testament . This legal document outlines your wishes for the distribution of your assets, the appointment of guardians for any minor children, and the designation of an executor to oversee the administration of your estate. A well-crafted will can provide clarity and minimize the potential for family conflicts or disputes. Ultimately, the creation of a will can take some time and thought. Who do you want to take care of your kids? Do you have a blended family that needs to be factored in? Are you a single parent? What if both parents pass away? Who do you want to receive your house, or do you just want it sold and the proceeds distributed evenly among family members? These are the tough kinds of questions that need to be asked as you thoughtfully craft your will.

Another essential element of an estate plan is the establishment of trusts . Trusts are legal entities that allow you to transfer ownership of your assets to a trustee, who then manages and distributes those assets according to your specified instructions. Trusts can be used for a variety of purposes, such as avoiding probate, minimizing taxes, and providing for the care of a loved one with special needs.

In addition to a will and trusts, an estate plan should also include the designation of beneficiaries for your retirement accounts, life insurance policies, healthcare decisions, and other financial assets. This ensures that these assets are distributed according to your wishes and that your final healthcare-related decisions are carried out according to your preferences.

Getting Started: Your Checklist

If you haven't checked it out already, make sure you take a look at our Complete Estate Planning Guide in the Resources section of our website - This will help get you thinking about the right things, and help you in starting to collect the information you need to start your estate planning journey. Embarking on the estate planning journey can seem daunting, but by breaking it down into manageable steps, you can ensure that your plan is comprehensive and tailored to your unique needs.

Here are the 5 first steps we suggest:

Gather all financial and personal information: An estate planning attorney can help you determine what might be relevant and what might be a little less so, depending on your unique situation. This includes details about your assets, liabilities, bank accounts, real estate, investments, and any existing estate planning documents.
Identify your top estate planning goals: What are you hoping to achieve? Are you hoping just to minimize taxes? Are you trying to ensure that a specific person receives a specific piece of real estate? Do you want to purposefully leave someone out of your will? Do you want to plan for guardianship for your kids.
Choose the appropriate estate planning tools: Determine which legal instruments, such as a will, trust, or power of attorney, would best serve your goals and needs. Your estate plan very well could include all of these tools!
Consult with an experienced estate planning attorney: Working closely with a qualified professional can help you navigate the complexities of estate planning and ensure that your plan is legally valid and up-to-date. There may be laws or requirements that you don't even know about that could affect your situation.. But just because you don't know about them, doesn't mean that they don't apply to you. If for any reason your documents don't meet legal requirements, they can be found to be invalid and disregarded during probate, making working with an estate planning attorney a critical step in this process.
Review and update your plan regularly: As your life and circumstances change, it's essential to review and update your estate plan to ensure that it continues to reflect your wishes and address any new considerations. Make sure that you're checking in with your attorney at least yearly, or particularly when you have changes in your life, such as a new baby or new home, that may affect the estate plan that you currently have. The more proactive you can be, the better!

Why Work with an Estate Planning Attorney?

There is so much more to what happens after you die than taking a hand written letter out of your sock drawer that has a few simple directives on it and handing it over to attorney who *poof!* magically makes everything you have written down come true!

Working with an estate planning attorney to create your estate plan is critical. When choosing an estate planning attorney, it's important to look for someone who focuses in this area of the law. Just like you wouldn't go to a foot doctor for your skin problem, you don't want to go talk to a criminal justice attorney about your estate planning needs! Estate planning is a constantly evolving field with new tools being developed and new laws coming into play. An attorney who concentrates in estate planning will also be very well-versed in tax laws and regulations, as these can significantly impact your estate planning strategies and what recommendations they give to you.

While it may seem like common sense, perhaps the most important part of identifying an estate planning attorney that you want to work with is to find someone who you feel comfortable talking to and can communicate openly with. Estate planning involves sensitive personal and financial information, and you'll want to work with someone you trust to handle these matters discretely. Look for an attorney who is willing to take the time to understand your needs, answer your questions, and explain the process in a clear and accessible manner.

When evaluating potential estate planning attorneys, consider factors such as their years of experience, client reviews, and professional affiliations. It's also a good idea to ask for referrals from trusted sources, such as your financial advisor or other professionals in your network - Often they work on a professional level with estate planning (and other types of) attorneys, and can make personalized recommendations based on the experience they have had working with a mutual client.

We will be digging into more News posts regarding estate planning for blended families, minimizing estate taxes, common mistakes made in the estate planning process and much more very soon! Until then, stay tuned!

Questions about estate planning or what strategies might be best for your specific life situation? Give us a call or stop by our office in Williamsville, NY to set up an appointment.

Our Top 5 Estate Planning Mistakes to Avoid

Wed, 09 Oct 2024 13:55:35 GMT

Estate planning is one of those things that often falls into the “I’ll get to it later” category, but at the end of the day this is really something that needs to go on your To-Do list.

While we know that while we are always excited to chat about estate planning, it is not the most energizing subject for most! But if you are going down the road of creating a will or maybe thinking about putting together a trust, there are a few pitfalls that, if avoided, will save you a lot of time and money. We compiled the top 5 that we see people running into, and how with a little proactive planning you will be right on track for a solid estate plan.

1. Procrastinating with your Planning

No one wants to think about experiencing difficulties during life or their own death, but let's instead think of these times where it is impossible to be selfish. When you experience difficulties during life, whether due to an unexpected accident or a slower cognitive decline, you want others to be empowered to help you with clear understandings. Otherwise, these times become a terrible burden on others who are not equipped to readily help you when needed or desired. As well, when you pass away, it’s obviously important to remember you can't keep anything. How and who do you want to pass your assets onto? Who do you want to make your death a little easier on? Do you have children, a spouse, other family members, pets and charities that you want your life's work to take care of? It’s so easy to put off estate planning, especially when life gets busy. But, waiting too long can leave your loved ones in a really tough spot if the unexpected happens. Without a plan in place, you could need an adult guardianship proceeding so that someone, appointed by a Judge, has legal authority to make financial and medical decisions for you. As well, without a plan in place, your assets might not be distributed the way you’d like, and your loved ones could face unnecessary legal headaches, or worse not be left with the assets you thought you were leaving them. So pick up your pen and maybe your phone if you need to get in touch with us - Don't leave your estate plan until it's too late.

2. Not Keeping your Plan Up to Date After Major Life Events

Life is full of changes, big and small - marriage, divorce, births, deaths, new assets, new homes, a new business, closing a business, health and medical changes … and so on! All of these things can have a significant impact on you and your estate plan! Yet, one of the biggest mistakes people make is not updating their legal documents and plan to reflect these changes. Did you purchase out-of-state real estate, did you purchase it in the name of your already established revocable trust? If you want to incorporate an adult child into your business, have you worked this through with estate planning for your business? Have you realized one of your agents in your power of attorney cannot act on your behalf with financial matters? Has your spouse moved into an assisted-living or skilled nursing home facility? Is your disabled minor child turning age eighteen soon? Has a beneficiary designation not been updated? Has your adult child gone through a divorce affecting how you want to plan? Have your adult children expressed concerns over your estate planning and you want to make sure everyone is up-to-date and on the same page? Has your executor nominated in your will passed away? Have you adopted a child? Did you remarry but want your children to receive your inheritance? There are any number of reasons you need to update your plans. If your legal arrangements, including your will, trust, power of attorney , health care proxy/living will, beneficiary designations, business buy-sell agreements and so on, do not align with your current situation, you could end up with unfortunate scenarios unfolding. These could include anything from an adult guardianship proceeding needed for yourself due to a gap in legal authority, to fighting between loved ones, to assets that are not properly managed or protected, to business interests that lose value, and to your assets not distributed in the way that you'd think. So, make sure you check in with us, especially after major life events!

3. Not Taking Tax into Account

Taxes can take a HUGE bite out of your assets or estate if not properly planned for. So often people will take the quickest and easiest of all actions only later to realize negative tax consequences. For a few examples here, transferring property outright to loved ones can mean capital gains tax that have to be paid that could have been avoided with better planning. Another example, is transferring a home retaining a life estate interest as this will also cause capital gains taxes upon a sale of the home during the grantor’s life. Another example, is not establishing date-of-death values on assets where there is a “stepped-up” in basis with property due to the death of a person. This will, again, cause unnecessary capital gains tax issues which can be avoided with proper planning. Another example is not incorporating lifetime trusts with favorable tax treatments, both during the grantor’s life and upon the grantor’s passing (this has to due with grantor-tax trust tax status during life as well as the step-up in basis for assets at death), as this is a critical way to utilize various tax benefits. One more example are estates over the Federal and New York State estate tax exemptions whereby estate taxes are a concern. Here, planning incorporates various options, including “lifetime gifting”, setting up trusts that incorporate marital deduction planning, credit shelter planning and charitable planning. Without the right strategies, you risk dealing with unexpected tax bills when you or your loved ones least expect (or want) them. An effective estate plan takes income taxes, capital gains taxes, and estate taxes into account. Helping to minimize the impact of taxes by using specific tools and strategies, means taking the extra care in planning. This means more of your assets and estate go to the people and loved ones you care about!

4. Not Creating a Health Care Proxy and Living Will

Many people focus on the financial aspects of estate planning , but your health care decisions are just as important, in different ways, including in a time of an emergency or through a period of cognitive decline or when it is close to the time of your passing. A Health Care Proxy designates someone you trust, called an “agent” to make medical decisions on your behalf when you cannot communicate with medical health professionals. Only one health care agent can at a time and the legal document provides for the first agent to act with his/her address and phone number and as many alternates lined up as you desire. The key is getting the document properly executed and then providing a copy to people who need to know who will act when needed and how to get ahold of them! These people include your agents, your primary care physician and other medical health professionals. Other information can be contained within the Health Care Proxy. Within the same wheelhouse, a Living Will outlines your wishes for end-of-life care. When the Health Care Proxy is combined with the Living Will, you are providing evidence that you authorize your agent to make decisions about end-of-life care. There can also be HIPAA Authorizations and Appointment of Agent to Control Disposition of Remains documents as part of the planning. Without these critical documents, your loved ones might struggle to make decisions during an already stressful time, and conflicts can arise that can make this time terribly unpleasant, rather than peaceful. Having these documents in place ensures that you have the right people in place to act on your behalf and that your best interests and wishes are honored. Your loved ones are empowered and you’ve created clarity during crucial times. And, as always, remember these health care matters ultimately can affect your finances and estate given the decisions that are made.

5. Choosing the Wrong Executor

Your executor is responsible for carrying out the terms of your will, so it’s vital to choose someone who is not only trustworthy but also capable of handling the responsibility of this role. To back up, remember that a will is only effective for assets passing through your “probate” estate. Yet, no matter what other planning you have in place, a will is essential because you never know what you may own at death or even assets that could come in after death or other situations. Sometimes, even smaller amounts that may need to be handled through the probate estate, become too “expensive” to deal with because a will is not in place. No matter what, an up-to-date will that is attorney-drafted and executed can be incredibly cost-saving when it comes to handling any estate needs at your passing. Which leads into the whole point, that it’s extremely important that you nominate the right executor. A person who is nominated as an executor in a will has the right to seek appointment through Surrogate’s Court. If you choose a person who will not take necessary actions or does not act in the best interest of the estate, a tremendous amount of damage can occur, both with assets and relationships between loved ones. You want to be very selective here and be brutally honest about who should have this authority. It’s not always an obvious choice. Being an executor to a will can be incredibly time-consuming and requires attention to detail, financial savvy, and an ability to work and communicate well with other. Often family dynamics can require a certain communication style and finesse that not everyone has. Remember that choosing the wrong person in this role can lead to delays, conflicts, and even legal disputes in worst case scenarios. Take the time to carefully consider who in your life is best suited for this important role - It might not always be who people would expect.

Let’s Talk About Your Estate Plan

Estate planning doesn’t have to be overwhelming, and you don’t have to do it alone. Whether you’re just starting out or need to update an existing plan, we’re here to help. Avoiding these common mistakes is a great first step toward protecting your family’s future. If you have any questions or need guidance, don’t hesitate to reach out . We’re happy to sit down with you, discuss your options, and create a plan that gives you the peace of mind you deserve.

Welcome to the Desk of Ruth P. George!

Tue, 08 Oct 2024 19:01:26 GMT

Welcome to our very own News Desk!

This news desk & blog has been a long time coming! Here at Ruth P. George Law PLLC we love to stay up to date on all of the happenings of the estate planning and probate legal world, and want to share the love. Whether you’re new to the world of estate planning or have already taken some steps to prepare for the future, this publication is designed to be a resource for everyone, regardless of where you are in your estate planning matters.

Why Ruth P. George Law PLLC?

Estate planning can be so overwhelming, and we consider it our job to lighten the load. We educate where we can, and make sure that you know what it is that you are actually doing... what you are actually creating with all this planning. We strive to break things down bit by bit to make them a little easier to digest, to make all the legal speak a little less intimidating for people, so that you can concern yourself a little more about you and your family and a little less about what document you just signed. Our goal with our News Desk is to break down complex topics into clear, manageable pieces of information. It's not only that knowledge is power, it's that planning is power. By educating yourself on these critical matters, you can make informed decisions that will have a lasting impact on yourself and your loved ones. Our mission is to empower you with the knowledge and tools needed to navigate the intricate world of estate planning, probate, and trust and estate administration, and all the little details and documents associated with these items.

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What You Can Expect

Over the months, we plan to do a deep dive into some of our favorite topics related to estate planning, probate, and trust and estate administration, including:

Estate Planning : Comprehensive guides on creating legal documents, including a will, power of attorney, health care proxy/living will and more, along with establishing lifetime trusts, and making other arrangements, including beneficiary designations. All the pieces of the puzzle need to be thought of to make life better for you and your loved ones. And, the world of estate planning includes more than legal documents, but things like communication and teamwork (spoiler alert!). It all factors in to how you can better protect you and your loved ones, and, of course, ensure your assets are distributed according to your wishes.
Probate: Understanding the probate process, how it works, and ways to potentially avoid it to ensure a smoother transition for your beneficiaries or heirs. There is a lot of misunderstanding about probate. It’s best to think of it in two ways, the big picture and the smaller phases to work through.
Estate Administration: This phrase is used to consider all the phrases of handling an estate in Surrogate’s Court and looking at the responsibilities of an executor (or an administrator - but will get into that later!). You can think of the executor (or an administrator) as the “head enchilada” of an estate - the person or entity who makes crucial decisions and can make all the difference on how the estate administration will flow. Eventually, this person’s effective management of the estate leads to the distribution of estate assets (property, money, etc.) to the appropriate parties. Or another way to say that is the executor (or an administrator) gives people (and other potential beneficiaries) their inheritance.
Guardianship: Exploring how to nominate guardians for minor children, and specific situations that might make this more complicated than you'd think.
Revocable and Irrevocable Trusts: Understanding the differences, benefits, and additional items to consider for each type of trust.
Wills and Trusts: Thinking about what do you actually need, what might make your life easier, and what might make everything simpler and more streamlined for you and your family during your life and upon your passing.
And Much More: We’ll also touch on “soft topics” like establishing communication with your family, asking for help from professionals, and creating good teamwork with people as part of planning for the future. As well, there are a range of topics that will be considered. From planning for business interests to estate and income tax strategies to planning for incapacity, and other related legal matters, it’s a matter of knowing how to safeguard all you care about - you, your loved ones and your assets. Your loved ones can be pets, charities, friends, family and so on. As well, planning for business interests is crucial as various people can be affected, including you, your family, your employees and the community (and we want the planning to contribute to a positive affect on all!).

Haste makes waste and we want to take the time to learn and act to ensure our planning puts our best foot forward . . . and, of course, ensure that your legacy goes where you want it to go at the time of your passing.

Stay Tuned!

We invite you to follow along with us and check back here often for new posts. We’ll be sharing updates, answering common questions, and providing tips that can help you navigate the often complex world of estate planning.If you have any specific topics you’d like us to cover, or if you have questions about your own estate planning needs, please don’t hesitate to reach out !

Thank you for visiting with us! We look forward to helping you on your journey toward peace of mind and financial security for you and your loved ones.
RUTH P. GEORGE LAW PLLC is a privately owned boutique estate planning & probate law office located in Williamsville, New York. Learn more about us and our mission here!

News from the Desk of Ruth P. George

Who Should Be My Executor? Tips for Choosing the Right Person (or Entity)

What Does an Executor Really Do?

Why the “Obvious Choice” Isn’t Always the Right Choice

Key Qualities to Look for in an Executor

1. Trustworthiness

2. Organizational Ability

3. Emotional Steadiness

4. Willingness to Ask for Help

5. Availability

6. Health and Cognitive Abilities

7. Basic Eligibility Requirements

Family Dynamics: The Issue No One Wants to Talk About

Should You Consider a Professional Executor?

What Happens If You Choose Poorly - or Don’t Choose at All?

Some Extra Questions to Ask Yourself

Nominating an Executor Is About More Than Convenience

Keeping the Vacation Home in the Family: Intentional Estate Planning Required!

Why Vacation Homes Are Tricky Assets in Estate Planning

Option 1: Leaving the Vacation Home in Your Will

Option 2: Creating a Trust (Revocable or Irrevocable)

Revocable Living Trust

Irrevocable Trust

Option 3: Creating a Vacation Home Agreement / LLC

Option 4: Passing the Property to One Heir (With Equalization)

Option 5: Transferring Ownership During Life

The Emotional Side No One Talks About

A Practical Checklist: Protecting Your Vacation Home Through Estate Planning

1. Identify Your Long-Term Goal

2. Determine Who Will *Realistically* Maintain the Property

3. Decide Whether You Want to Avoid Probate

4. Gather Key Information

5. Choose the Right Legal Tool(s)

6. Create a Cottage Agreement

7. Review Tax and Other Implications Carefully

8. Update Your Estate Plan Regularly

Your Vacation Home Is Part of Your Legacy - Let’s Protect It

Joint Accounts and Beneficiary Designations: Our Top Tips When It Comes to Estate Planning

When most people think about estate planning, their minds jump straight to setting up a will, choosing agents for their power of attorney, or maybe setting up a trust.

Why Your Account Titles Matter More Than You Think

Understanding Beneficiary Designations

A couple of common issues we see in New York Estate Plans

Why This Matters Even With a Will or Trust

Tips to Make Joint Accounts and Beneficiary Designations Work With Your Plan, Not Against It

1. Review your accounts and designations at least once a year

2. Keep an updated list of accounts and beneficiaries

3. Avoid adding adult children as joint owners “for convenience”

4. Always have Contingent Beneficiaries

5. Align your will, trust, and account titles together

Ruth P. George’s, Esq. Checklist to Get Your Accounts Estate-Planning Ready

Joint Account & Beneficiary Designation Checklist

Let’s Get Started

Writing a Will in New York: Your No-Nonsense Guide to Getting It Done

As a topic that is brought to our desks over and over through the day, we wanted to tell you with the kindest intention: Intentions don’t count when a will is required.

Collect Your Assets, Debts, & People

Why Preparation Makes Everything Better Empty heading

Saving Time & Emotional Stress

Helps avoid complications

Guards against unintended consequences

Why Working with an Attorney Is So Important

Estate planning attorneys know the nuances

Attorneys offer presumption of validity

They ensure testamentary capacity

The Real Risk of Going DIY

Invalid execution

No presumption of validity

Unintended consequences

A Quick To-Do List

At your appointment

After the meeting

It’s Your Legacy. Do it the Right Way.

No Will? Here's What Happens to Your Estate if You Live in New York State

When There’s No Will: The Basics of Intestacy

So, Who Takes Charge? (Hint: It Might Not Be Who You Expect)

Special Considerations for Real Estate and Blended Families

The Risk of Unclaimed or Lost Assets

Probate Isn’t Always the Enemy - But It is a Process

What You Can Do Right Now

No Matter How Insignificant You Think Your Estate is, Don’t Leave Where it Goes up to the State

Small Business, Big Future Plans: Estate Strategies for NY Business Owners

2. Determine Who Will Realistically Maintain the Property