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Make sure your parents' Wills are Up To Date: Part I

George H. Gray 0 953 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.

Make your aging parents' Health Care Proxies are accessible and is up to date.

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NY Aging Parents' Health Care Proxy infoA 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.

Make sure your aging parent’s power of attorney is up to date.

If your parents’ POA predates 2010, it is time that they sign a new one!

George H. Gray 0 1823 Article rating: No rating

Power of AttorneyA power of attorney (a “POA”) is widely used for financial and estate planning purposes and for avoiding the expense of guardianship in the event incapacity of the person granting the power (called a “principal”). The POA grants to another person (called an “agent”) broad authority to access the principal’s personal financial information; to sell or dispose of the principal’s property; to change ownership of the principal’s accounts and property; and to change beneficiary designations on life insurance and retirement accounts.

New York’s Fiduciary Access to Digital Assets Act

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On September 29, 2016, a bill was signed into law by Governor Cuomo adding Article 13-A to the New York Estates Powers and Trust Law (the “EPTL”). This legislation is the New York version of the “Uniform Fiduciary Access to Digital Assets Act” (the “Act”) which nineteen (19) other states have also enacted into law.

New York now allows beloved pets to be buried with their owners.

New York recently enacted into law a bill which allows the cremated remains of a pet to be buried with their owner.

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NY Burial Law Changes for Pet OwnersNow, there is one issue you can remove from the list of concerns related to planning for the future of your elderly parents. New York recently enacted into law a bill which allows the cremated remains of a pet to be buried with their owner in a cemetery meant for people. Religious cemeteries are exempt, and cemeteries are not obligated to accept animals.
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