An executor is someone appointed by the decedent to carry out the instructions per the will and administer the estate (the balance of the decedent’s property as of his or her death). An executor’s duties include: 1. Having the will probated. Probate is the process by which the surrogate’s court determines if a will is valid. To make a valid …
Ask Cari: How are “Agents” to my “Power of Attorney” Compensated in New York?
Dear Cari, I have a New York Power of Attorney. It states that my “Agent” can have reasonable compensation. What does this mean? Miss C Miss C – In New York, an agent appointed in a Power of Attorney is entitled to reimbursement for reasonable expenses incurred on the principal’s behalf (you are the “principal”, Miss C). If a …
What Happens to my Digital Life When I Die?
The procedures for what happens to one’s estate when the person dies are well established. However, what happens to one’s digital lives (emails, Facebook accounts, Twitter, Instagram, Pinterist, blogging, Flickr photos) is not yet clearly established. Many people rely on the service providers’ terms of use regarding death. However, many states are working towards establishing codified procedures governing digital assets …
8 Things You Should Have in Your Living Will
If you have made a Living Will already, you have probably provided your wishes regarding artificial nutrition or hydration, CPR, and your views on organ donation. However, there are many other specific types of treatment that may not be in your Living Will, but should be. If you have not created a Living Will, or wish to revoke an old …
Health Care Proxy vs. Living Wills
Most people think a Health Care Proxy and Living Will are the same thing and you only need to create one. In New York, a Living Will is not a legal document, but it is still best to have these two documents drafted so that they can be interpreted in conjunction with each other. The best advice I can give …
Using Life Insurance as a Farm Estate Planning Tool
Life insurance is a way to increase an estate’s value just by paying a monthly premium. In the case of a farm, the life insurance can be taken out by the parent, or by a child on the life of a parent. This can help alleviate complications that can arise if certain children wish to take over the farm and …
Using Wills and Revocable Living Trusts for your Farm’s Estate Plan
Last week’s blog post focused on succession planning– this post will focus on farm estate planning by using wills and trusts (both equally important and can be easily confused). Let’s first look at the advantages and disadvantages of a will. A big advantage of a will is that it can be changed or revoked until the testator loses capacity to make, change, …
Why Your Farm Estate Plan Should be Revisited Every Few Years
It is prudent to revisit your estate plan every 3-5 years or when there is a major life event (e.g., marriage, divorce, purchase/sale of major assets, bankruptcy, children). Estate planning leads to business planning, which leads to tax planning, which leads to business succession, which should lead to disaster planning, which may lead to federal farm program planning, which should …
Keep Your Pets in Mind with Your Estate Plan
Farms and pets go hand-in-hand. There are three vehicles that can be used to protect your pets (including horses) after you die: 1) Last Will and Testament, 2) Pet Trusts, and 3) Pet Protection Agreement. Last Will and Testament: In New York, pets are considered personal property like a car or a diamond ring. It should be noted that wills …
Breaking Down the Basics – Some Farm Estate Planning Definitions
Knowing these basic estate-planning definitions may be helpful in any conversation you may have with an estate planning professional: A Last Will and Testament (usually just called a “will” for short), is a document that gives your directions on what to do with your property when you die. It takes effect only after you have actually died, and it must …
With Farm Estate Planning, Start With Your Goals
Your objectives will drive the entire estate-planning process, so it is important to clearly articulate your goals. These goals should serve as a guidepost to your estate-planning attorney in helping to formulate the correct game plan. It might not be possible to fully meet all of your goals; therefore, when you meet with your estate-planning lawyer, make sure to emphasize …
Succession Planning for Your Farming Business
Proud of my little cousin Austin Rincker- He made the cover of the Illinois Field and Bean last month (the flagship publication of the Illinois Soybean Association). He is noted in the article starting on page 6 titled “Successful Succession- Begin With the End in Mind.” If you follow this blog then you know how important succession planning for farms, …