Category Archives: Estate Planning

Estate Planning, Rochester NY Law Firm

Responsibilities of a NY Power of Attorney Agent

Posted on by Friedman & Ranzenhofer
RESPONSIBILITIES-OF-A-NY-POWER-OF-ATTORNEY-AGENT.
05
Jun

The  Power of Attorney  “principal,”  gives  the  “agent” authority to spend their  money and sell or dispose of their  property during their lifetime without telling them. Principals do not lose their  authority to act even though they have given their agent similar authority. When the agent exercises this authority, he or she must act according […]

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Estate Planning

What Happens if You Die Without a NY Last Will & Testament

Posted on by Friedman & Ranzenhofer
31
May

Less than half of U.S. adults, 46%, have a Will that describes how they would like their money and estate to be handled after their death, according to Gallup’s polling.  Americans aged 65 and older are the most likely subgroup to have a Will, with just over three-quarters saying they have one. Each younger age group […]

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Estate Planning

Estate Planning for Digital Assets in Rochester, New York

Posted on by AccelerateEditor
Estate Planning for Digital Assets in Rochester New York
23
May

Estate planning is an important aspect of preparing for the future. It involves making decisions about who will receive your assets and how they will be distributed after your passing. While many people think of traditional assets like real estate, investments, and personal property, it’s becoming increasingly important to also consider digital assets in estate […]

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Estate Planning

Estate Planning for Retirement in Rochester, New York

Posted on by AccelerateEditor
Estate Planning for Retirement in Rochester, New York
12
May

As you approach retirement, it’s important to start thinking about your estate plan. Estate planning is the process of making a plan for what happens to your assets and property after you pass away. In Rochester, New York, there are several steps you can take to ensure that your estate is well-managed and your loved […]

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Estate Planning

What Happens If You Die Without a Will in Rochester, New York?

Posted on by AccelerateEditor
What Happens If You Die Without a Will in Rochester, New York? Losing a loved one is never easy, but it can be made more difficult if they didn't leave behind a will. When someone dies without a will, their assets and property are divided according to the laws of the state they resided in. In Rochester, New York, dying without a will can have significant consequences for your loved ones. In this blog post, we'll take a look at what happens if you die without a will in Rochester, New York. Intestate Succession in Rochester, New York When someone dies without a will in Rochester, their estate goes through a legal process known as intestate succession. This means that the court will decide how to divide the estate based on the laws of the state. In New York, the first step in the process is to determine who the decedent's "distributees" are. Distributees are individuals who are entitled to a share of the estate under New York law. They include: The decedent's spouse The decedent's children The decedent's parents The decedent's siblings The decedent's nieces and nephews The decedent's grandparents The decedent's aunts and uncles If there are no distributees, the estate goes to the state of New York. Distribution of Assets Once the distributees have been determined, the court will divide the estate according to a set of rules. The rules vary depending on the decedent's family structure. Here are a few examples: If the decedent is survived by a spouse and children, the spouse inherits the first $50,000 of the estate plus half of the remaining balance. The children split the other half equally. If the decedent is survived by a spouse and parents, the spouse inherits the first $50,000 of the estate plus half of the remaining balance. The parents split the other half equally. If the decedent is survived by siblings but no spouse or children, the siblings split the entire estate equally. If the decedent is survived by grandparents but no spouse, children, parents, siblings, nieces, or nephews, the estate goes to the decedent's aunts and uncles. As you can see, the distribution of assets can become quite complicated without a will. It's also worth noting that the court may appoint an administrator to handle the estate if there is no will. This can be an additional burden on your loved ones during an already difficult time. Protecting Your Loved Ones Dying without a will can create a lot of uncertainty and stress for your loved ones. Fortunately, creating a will is a relatively straightforward process that can provide peace of mind and ensure that your wishes are carried out after you pass away. If you live in Rochester, New York, and need help creating a will, consider working with an estate planning attorney. They can help you navigate the process and create a will that reflects your wishes and protects your loved ones. Even if you don't have a lot of assets, creating a will can still be beneficial. It can provide clarity and guidance for your loved ones during an emotionally challenging time. A will can also help prevent family disputes and ensure that your wishes are respected. In addition to creating a will, there are other steps you can take to protect your loved ones. For example, you may want to consider purchasing life insurance or setting up a trust. Life insurance can provide financial support to your loved ones after you pass away, while a trust can help ensure that your assets are distributed according to your wishes. It's also important to keep your will up to date. Life changes such as getting married, having children, or getting divorced can all impact your estate plan. It's a good idea to review your will every few years and make updates as needed. Dying without a will in Rochester, New York, can create a lot of uncertainty and stress for your loved ones. To protect your assets and ensure that your wishes are respected, consider creating a will with the help of an estate planning attorney. They can guide you through the process and help you create a plan that meets your unique needs and goals. By taking the time to plan ahead, you can provide peace of mind for yourself and your loved ones. As a law firm located in Rochester, New York, we at Friedman & Ranzenhofer, PC can assist individuals and families who are dealing with the legal process of intestate succession. We have a team of experienced attorneys who specialize in estate planning and probate law and can guide you through the legal process to ensure that your loved one's assets are distributed according to New York state law. We understand that the process of dealing with a loved one's estate can be emotional and stressful. That's why we're here to provide compassionate support and legal guidance every step of the way. We can help you understand the various rules and regulations that govern intestate succession and assist with the probate process to ensure that the estate is properly administered. If you're interested in creating a will or other estate planning documents, we can also help with that process. We can work with you to create a comprehensive estate plan that reflects your unique needs and goals. Overall, we at Friedman & Ranzenhofer, PC are committed to helping our clients protect their loved ones' assets and ensure that their wishes are respected. Contact us today to learn more about how we can assist with your estate planning or probate needs.
10
May

Losing a loved one is never easy, but it can be made more difficult if they didn’t leave behind a will. When someone dies without a will, their assets and property are divided according to the laws of the state they resided in. In Rochester, New York, dying without a will can have significant consequences […]

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Estate Planning

The Importance of Updating Your Will and Estate Plan

Posted on by AccelerateEditor
The Importance of Updating Your Will and Estate Plan
21
Apr

Creating a will and estate plan is an essential task that ensures your wishes are carried out after your death. However, it is equally important to periodically review and update your will and estate plan as your circumstances change. Here are some reasons why updating your will and estate plan is crucial: Changes in Family […]

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Estate Planning

Choosing the Right Executor for Your Estate in Rochester, New York

Posted on by Friedman & Ranzenhofer

When it comes to planning your estate, choosing the right executor is an important decision. Your executor will be responsible for carrying out your wishes after you pass away, which means they will need to be someone you trust and who is capable of handling the responsibilities that come with being an executor. In Rochester, […]

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Estate Planning, Friedman & Ranzenhofer, PC Blog

Advance Care Planning for Gun Owners

Posted on by Friedman & Ranzenhofer
Advance Care Planning for Gun Owners
29
Apr

A new tool can help gun owners and family members plan ahead for safe firearm use and transfers in the event of disability or death: The Firearm Life Plan, created by researchers at the University of Colorado and the Rocky Mountain Regional VA Medical Center in Denver. This facilitates advance care planning for guns — a […]

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