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.
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.
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.
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.
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.