New York residents who want to leave an inheritance for their children but are concerned about them being irresponsible with the money may want to look into trusts. Trusts can be used to restrict how beneficiaries are able to use money or to protect the inheritance from creditors.
New York residents may know of cases in which one person's death led to a family conflict that no one ever recovered from. One such incident happened when a woman's mother died. Her brother told her that she had been left $10,000 but he still needed to pay bills. Once the bills were paid, he claimed that only $300 was left for her although he had been left a car and the mother's condo.