A life estate is usually created through a deed, but can be created in a Will or a trust. Life estates can be valuable options for clients seeking to simplify their estate planning. However, there are pitfalls. Head over to our blog to learn more about life estates and how you can incorporate it in your estate plan.

An executor is the individual appointed to administer someone’s Last Will and Testament. An executor of a New York estate is not expected to administer a decedent’s estate for free. Executors receive a set commission, paid out of the estate. Commissions are calculated as a percentage of the value of the “probate estate." Head over to our latest blog post to learn more about the duties of an executor and how they are compensated.

Spouses can leave each other an unlimited amount of assets without generating any estate tax. The idea is that estate tax is owed on the surviving spouse’s death. However, by leaving all assets to the spouse, you are not using the deceased spouse’s exemption. Portability allows a surviving spouse to use the deceased spouse’s unused lifetime exclusion (DSUE) by simply electing to do so on IRS form 706.  Head over to our latest blog post to learn more.

Any beneficiary of an estate is entitled to an accounting from the executor or administrator of the estate. This is true whenever assets pass through Surrogate’s Court. If the estate representative is not forthcoming or provides inadequate records, a compulsory accounting may be necessary. Head to our latest blog post to learn more about the probate process and what beneficiaries are entitled to.

A Limited Liability Company (LLC) is a type of business entity that limits the personal liability of the owners. When clients own rental property in their individual name, or are considering purchasing rental property, we advise them to create an LLC to own the property instead. An LLC does exactly what its name suggests, it limits the client’s liability to the asset owned by the LLC. Learn more in our latest blog post.

The closing is the final step in a real estate sale where the buyer obtains title to the property. The time between an offer’s acceptance and the closing date—evidenced by a deed from the seller or stock certificate for a cooperative apartment –is filled with activity. Head over to our blog to learn more about the closing process.

Many people decide that they will avoid probate and just put someone else on the deed – such as a child. This is not the best, or only way, to avoid probate. Check out our latest blog post to learn more about how to avoid a probate proceeding.

When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record to make this determination. There are three ways to own property in New York as co-owners: tenants in common, joint tenants with rights of survivorship or tenants by the entirety.

In general, a person cannot be removed from a deed without his or her consent and signature on a deed. Absent legal action with a court order, such as a foreclosure or a partition action, the only way an owner’s interest in real property can be transferred is by a properly executed, acknowledged and recorded deed conveying that owner’s interest to a new party.

When a couple marries later in life, after they both had children of their own, their estate plans need to take their blended family into account. For example, there are estate planning techniques such as a Qtip Trusts that allow income to the surviving spouse for life, with property passing to children upon the surviving spouse’s death. However, some couples maintain separate assets throughout the marriage and want to leave those assets to their respective children, not to each other, upon their deaths. In New York state, you cannot disinherit your spouse without his or her permission and, relying on just a promise invites disaster.

A deed is a legal document used to convey title to real property. There are different types of deeds that may be used depending upon the circumstances of the transfer. It is always best to consult an experienced real estate attorney who can prepare and advise which type of deed should be used to meet your specific needs.

As fiduciary, you are required to account to the beneficiaries, but the type of accounting will vary depending upon the actual beneficiaries and the fiduciary’s relationship with them. There are two types of accounting: informal and judicial accounting.