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minor children. In the absence of a last the surviving parent and the children, the
will and testament, the laws of intestacy children may refuse to waive their rights to
of the State of New York will apply. This inherit, and thereby deprive the surviving
can lead to numerous problems. Perhaps parent of financial support in their hours
the most frequent issue that arises in of greatest need.
such a case is the conflict of a parent and
child. Many couples expect or desire that Another important purpose of a will is
their surviving spouse will inherit their the ability to create trusts for the benefit
entire estate. Without a will, however, the of your loved ones. These trusts can
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 sliding
will receive the entirety of such funds 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
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