Assist your parents' to take control of their digital legacy. Protect your parents' internet identity after they're gone. George H. Gray / Tuesday, November 15, 2016 0 2896 Article rating: No rating The internet is now used for a wide variety of activities we take for granted as part of our daily routine. We use Facebook to share thoughts and photos, Twitter to keep in contact and on-line providers to manage our bank and credit card accounts. These items of information, memories and data are often characterized as “digital assets.” On September 29, 2016, a bill was signed into law by Governor Cuomo which enacted New York’s version of the “Uniform Fiduciary Access to Digital Assets Act” (the “Act”) which nineteen (19) other states have also enacted into law. Read more
Make sure your aging parents' beneficiary designations are up to date. George H. Gray / Tuesday, November 15, 2016 0 2269 Article rating: No rating If they are in a situation similar to other middle class families in New York, a large portion of your parents’ Estate will pass by beneficiary designation, not according to their Wills. Consider two of the largest asset categories comprising their combined Estate. They have one or several retirement accounts and they have life insurance and annuity contracts with a death benefit. Read more
Make sure your parents' Wills are Up To Date: Part II George H. Gray / Friday, November 11, 2016 0 2456 Article rating: No rating Your parents’ Wills contain details which are specific to the time they were signed. The Wills name an Executor and other fiduciaries, identify a spouse, children and other intended beneficiaries, and reflect the state of the law at the time of signing. The circumstances of the person named as an Executor or Trustee may have changed. Read more
Make sure your parents' Wills are Up To Date: Part I George H. Gray / Thursday, November 10, 2016 0 2388 Article rating: No rating More often than not, a Will is prepared, executed and then forgotten. Years, even decades, may pass since your parents’ Wills were signed. A lot can happen in those intervening years. The attorney who drafted the Will could have died or retired. The two persons who “witnessed” the Will can now be unavailable. You must have the original Will of your parent to Petition the Court to admit it to Probate. In addition, you’ll need access to the two persons who “witnessed” the Will’s execution; or, the use of what is called an “affidavit of attesting witnesses.” Now is the time to locate the “original” Will. Read more
Make your aging parents' Health Care Proxies are accessible and is up to date. George H. Gray / Wednesday, November 9, 2016 0 2377 Article rating: No rating A well-structured Estate Plan must consider the possibility that your parents will be alive but incapacitated and unable to make their own financial or health care decisions. A Health Care Proxy (“HCP”) is the document in New York which allows your parents to select a person (called an “agent”) to make their health care decisions in the event they are unable to do so. Read more