In March, many New York college basketball fans were excited to hear about a revocable living trust in which provisions were made for 180 former players. The trust's grantor was a former coach at the University of North Carolina at Chapel Hill, and his action was reportedly a private salute to the many players he had interacted with over the years. Following his death, several of the players shared the event in various public Internet forums.
Probate is an important issue for New York residents to consider as they prepare for end-of-life needs such as estate management. One's estate planning can result in certain actions being required or avoided based on the manner in which final wishes are formalized. Concerns may arise that probate could leave room for changes being made to one's wishes, making it important to evaluate options such as wills and living trusts.
Individuals in New York who are in the midst of estate planning may wonder what is involved in estate administration. Estate administration has three components: getting the assets together and assessing their value, dealing with taxes and debts out of those assets, and ensuring that what remains is distributed to the beneficiaries.