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property of a decedent will be split 50% protect your prospective heirs from fraud,
to the surviving spouse, and 50% to the misappropriation and waste. Additionally,
children who have survived the deceased in the event any prospective heirs of
spouse. In the event those children are your estate are disabled, recipients of
minors, the Surrogate’s Court will appoint government benefits of subsidies, trusts
a guardian an item for the children, and can provide additional support and
the property will be held in trust for improve the lives of your loved ones
the children until they reach the age of without jeopardizing your beneficiary’s’
majority, and the property will then be entitlement to those benefits
distributed to the children.
The Executor
The problems here are two fold - first, the
surviving parent will not have access to In New York State, any person over
the funds in a time of uncertain financial eighteen years of age and of sound mind
circumstances (unless the children give may serve as executor of a decedent’s
the funds up upon reaching the age estate. The executor is entitled to a
of majority); and second, the children statutory commission, payable on a
will receive the entirety of such funds sliding scale. The scale is as follows:
immediately upon reaching the age of
majority. Even if the children are adults, 5% of the first $100,000.00
in the event there are any issues between 4% of the next $200,000.00
the surviving parent and the children, the 3% of the next $700,000.00
children may refuse to waive their rights to 2.5% of the next $4,000,000.00
inherit, and thereby deprive the surviving 2% of all monies in excess of $5,000,000.00
parent of financial support in their hours
of greatest need. As you can see, even a modest estate
will yield a substantial commission for the
Another important purpose of a will is nominated executor. Your executor will
the ability to create trusts for the benefit be in charge of collecting your assets,
of your loved ones. These trusts can discharging your debts, and distributing
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