The interrorem clause –also known as the "no contest" clause –is not favored in many states. It is not enforceable everywhere. But in New York, it is an often- utilized poison pill used to discourage disgruntled relatives from challenging grandpa’s Will.
Continue Reading A Humerous Twist On An Interrorem Clause (With A Not So Humerous Downside)
It isn’t often that one makes more money in death than in life but apparently that is what has happened with Michael Jackson. The rock icon died broke but, as of last December 31, his latest estate accounting revealed assets of more than three hundred million dollars according toAll Night Spots. As a result of this, his executors are now asking for permission to fund the trust created for the benefit of his mother Kathryn and his three children to the tune of thiry million dollars.
Writing for the Appellate Division’s Third Department, Justice E. Michael Kavanagh has ruled that the Albany County Surrogate erroneously approved an attorney’s fee of $58,000 in the Estate of Iris H. Benware reported at 927N.Y.S.2d 173. Although the Surrogate has found the fee to be reasonable, the Appellate Division noted that the amount exceeded the amount agreed to by the parties in the retainer agreement. The Court further observed that there were "no extenuating circumstances in providing legal services to the estate"
Continue Reading Appellate Court Rules That Legal Fee Is Excessive
For years, you have contributed to your IRA and your 401k with the intention of reaping the benefits of these tax-deferred savings. In doing so, it is easy to lose sight of your designated beneficiaries who will inherit these funds should you not live long enough to spend them. Here is an article in the Metro West Daily News that provides important information so that you can keep these important keystones of both your retirement and your estate in order.
Continue Reading Time To Review Your IRA And 401k Designations
The F.T.C. has laid down some new restrictions on the bill collectors who often hound the families of deceased relatives soon after their deaths, according to this article on CreditCards.com (an unlikely source for this lawblogger, but interesting nonetheless). It is important to keep in mind that there are not many reasons why one is required to pay the debts of a loved one. An estate’s Administrator or Executor, together with the help of his or her attorney should pay bills from testamentary assets. Non-testamentary assets such as IRAs, 401ks, joint accounts and insurance policies generally pass free of obligations. This may not stop dad’s creditors from descending upon you soon after the funeral. Now there are new regulations in place to restrict this sort of intrusion. An good source of information if you are looking for ways to deal with this problem is the Fair Debt Collection Practices Act. It is amazing how few bill collectors seem to have read this powerful law. When they come calling, you probably should have a look at it.
Brooklyn Surrogate Lopez Torres’ decision in In Re Beharrie924 N.Y.S..2d451 was upheld by the Appellate Division , Second Department. The court found that she did not have a priority to be appointed administratrix of two infant distributees. The Surrogate has broad discretion to determine to whom it should issue letters of administration, based upon the best interests of the estate.
On June 24, the New York State Senate gave its approval to a bill legalizing same-sex marriage in a dramatic late night session. Having already passed the Assembly, the bill was signed into law by Governor Andrew Cuomo at midnight. New York is now the sixth —and largest— jurisdiction to enact a same-sex marriage act. The legal implications of this new legislation will soon be felt across the state.
Continue Reading New York’s Historic Legalization Of Same Sex Marriage Has Broad Legal Implications
The complexities of New York City real estate rules and regulations found their way into a recent decision by the Appellate Division ,First Department in In re Joy Trezza reported at 923 N.Y.S.2d 108. Here, the court upheld the decision of Surrogate Troy Weber which denied the turnover petition of Francine Horowitz, a landlord attempting to gain possession of a coop apartment occupied by the alleged common law spouse of the decedent.
Continue Reading Surrogate Denies Landlord’s Turnover Proceeding
Today’s New York Law Journal reports that Nassau County Surrogate Edward J McCarty has found an interesting solution to an interesting problem in the Will of Jean Santoro, 2011-363-36488(May3.Apparently, there were no affidavits given by the witnesses to Ms. Santoro’s will when she executed it 19 years ago. To make things worse, one witness had disappeared and the other had died. While the old common law rule permits the admission of a will to probate where it is an "ancient " document of more than 30 years, this will hardly qualifies as ancient. It even falls a year short under the federal rule which provides for 20 years.
The late and great comedian George Carlin had a hilarious routine about "stuff". He would expound upon the way in which we continue to accumulate possessions as we go through life and the problems of storing (sometimes you have to buy a bigger house) or traveling with an ever-expanding collection of "stuff". On that dark, dark day when one can no longer fog a mirror with one’s breath, it becomes necessary to make a final disposition of all of that "stuff". In a nutshell, that is what the probate process is basically about.
Continue Reading A Dissertation On “Stuff” –The Probate Procedure Simplified