Mullen and Iannarone, P.C.
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

Posts tagged "Probate & Trust Administration"

Accounting for passwords in an estate plan

New York residents often use passwords to secure devices or limit access to bank or other accounts. When a person passes away, it is important that an executor or other authorized agent knows these passwords or where to find them. There are many different strategies that an estate owner can use to keep the necessary information organized and easy to find after passing.

About silent trusts

New York residents who are trustees of irrevocable trusts have certain duties regarding informing beneficiaries about the trust. Specifically, they have an affirmative duty to give some information about the trust to beneficiaries. In turn, beneficiaries are given the right to ask for certain information about the trust.

Tim Conway's daughter petitions court for guardianship

The comedic actor Tim Conway, whose fans in New York may have first encountered in his television roles on "McHale's Navy" and "The Carol Burnett Show", has been overcome by dementia. A dispute about his care has erupted between his wife and his 56-year-old daughter. The daughter wants the right to oversee his medical care and has filed court papers seeking an appointment as his conservator.

Important issues to consider when choosing a trustee

Establishing a trust can provide must-appreciated peace of mind for individuals in New York looking to ensure that important assets are distributed appropriately to a spouse, children, other family members or close friends. One of the most critical steps in establishing a trust fund for the preferred beneficiaries is to determine who will be the trustee. There are some issues anyone setting up a trust may want to consider to improve their confidence when naming a preferred trustee.

The responsibilities of a will executor

New York residents who are named executors in wills may want more information concerning the winding down of an estate. When the testator dies, the executor assumes legal responsibility for resolving the decedent's outstanding financial obligations. In the event that the person named as executor declines the position, the court may appoint a replacement if the will makes no provision for an alternate executor.

Responsibilities of an executor

New York residents who have been named as executor under a testator's will may wonder what will be involved in the process. An executor is responsible for identifying assets, paying debts and then distributing assets to beneficiaries. However, the nuts and bolts can be more complicated.