Three Info About Property Planning Challenges In keeping with Mayberry – New York Property Planning Lawyer Weblog – Feb 23, 2021
In the case of 2020 In the estate of Mayberry, A Texas court decided that The wife of a deceased person who passed away internationally was unable to remove the deceased’s daughter as an independent administrator.
The court’s decision was based on the perspective that, according to a settlement agreement between the daughter and the wife of the deceased, under general law the daughter of the deceased was not an “interested” party to voluntarily release all of the daughter’s rights in the estate.
Under the terms of the agreement, the daughter agreed to accept $ 2,000 in “consideration” for the settlement and clearance of all claims to a portion of the deceased’s estate. The daughter later argued that she had not released her right to receive an inheritance from the estate, but only released “claims” against the estate. The daughter argued that her right to receive an inheritance from the estate was not a claim against the estate.
However, the appeals court disagreed with the daughter’s argument. The court found that the state’s family settlement doctrine generally applies when there is disagreement about an estate and that these dispute settlement agreements exist.
The court also ruled that the daughter was no longer interested in the estate and had released that interest. While this case occurred in Texas, several New York laws deal directly with compromise agreements that affect real estate.
§ 249-0 of New York Tax Law authorizes an executor to enter into an arrangement with the New York State Tax Commission and another state’s tax authority that will endanger conflicting claims regarding the deceased’s residence. This article discusses some important details in order to understand how to reduce the risk of estate planning disputes among surviving loved ones.
# 1 – Wills can be challenged
Will competitions are legal proceedings in which a New York court is asked to determine the validity of a will. The person who questions the validity of a will is called the candidate. The person who defends the terms of a will is known as the advocate.
# 2 – Typical volitional objects
One of the most common objections to wills and other estate planning documents is the argument that the person who made the will lacked the mental capacity to do so, that the will or estate planning document was made due to improper influence, or that the estate plan did not meet legal requirements.
# 3 – No competition clauses
One of the best ways to avoid estate planning disputes is to implement a Clause “no competition” or “in terror”. These clauses state that a person who objects to the will will abandon any legacy up to the will if the person loses their challenge and the document is confirmed.
Consult a knowledgeable estate planning attorney
If you or a loved one have any questions or concerns about the estate planning process, the best way to speak to a knowledgeable estate planning attorney immediately. Contact Law firm Ettinger today to schedule a free case assessment.