Bailey & Bailey LLCFindLaw IM Template2026-04-29T06:16:51Zhttps://www.bblawny.com/feed/atom/WordPress/wp-content/uploads/sites/1600746/2020/05/cropped-favicon-32x32.pngOn Behalf of Bailey & Bailey, LLC<![CDATA[What makes a will invalid in New York?]]>https://www.bblawny.com/?p=469552026-04-29T06:16:51Z2026-04-29T06:16:51ZYou worked hard to build what you have over many years, often through steady effort, discipline and long-term planning that required consistency and patience. It is therefore natural to want that legacy passed on with legal certainty. Still, even a carefully prepared estate plan can fail if a will does not comply with New York’s formal legal requirements. Small drafting errors, missing steps or improper execution can lead to disputes, delay probate or in some cases cause the document to be treated as invalid. Understanding where problems arise helps protect both intent and the people who rely on it.
Common reasons wills become invalid
New York law imposes strict requirements for how a will must be created, signed and witnessed, and courts generally apply those standards with limited flexibility when disputes arise. If even one required element is missing or improperly completed, the entire document may be challenged.The person creating the will must be at least 18 years old and must have testamentary capacity at the time of execution. This means they must understand the nature of their assets, the identity of those who may inherit, and the legal effect of signing a will. The document must also be in writing and signed by the testator at the end.Witness rules also play a key role. New York requires at least two witnesses to watch the signing or confirmation of the will, and both must sign it within the time period set by law. When these steps are handled out of sequence, done informally or not properly documented, the validity of the will may be questioned. Courts may also review whether the document reflects free and voluntary intent, particularly where allegations of fraud, coercion, or undue influence are raised.
Key mistakes to avoid when creating a will
Several recurring issues often contribute to disputes during probate and can weaken an otherwise valid estate plan:
Improper execution, including failure to meet witness or signing requirements
Influence or pressure that affects the testator’s independent decision-making
Unclear or inconsistent language that creates uncertainty about intent
Failure to update the will after major life events such as marriage, divorce or new dependents
Use of informal or noncompliant documents that do not meet statutory standards
Each of these issues can increase the chance of a lawsuit, slow down probate and create avoidable conflict among surviving family members. Careful drafting and following all legal requirements closely can help reduce those risks.
Protecting your legacy with proper planning
Estate planning requires careful follow-through of legal rules and close attention to each step of the process. When those requirements are met and common mistakes are avoided, a will is far more likely to withstand challenge and function as intended under New York law.For guidance based on specific circumstances, it is best to consult an experienced estate planning attorney who can help confirm that the plan follows New York law and is properly prepared. ]]>On Behalf of Bailey & Bailey, LLC<![CDATA[How to protect digital assets in your estate plan]]>https://www.bblawny.com/?p=469522026-02-06T08:34:44Z2026-01-29T16:40:56ZYour online life tells the story of who you are. Photos, emails, social media and even cryptocurrency capture memories and milestones.
Without a clear plan, your loved ones may never see this part of your life. New York law allows executors and trustees to manage digital assets if they have the proper authority, making early planning important.
Identify your digital assets
The first step is to document everything you have. This includes email, social media, cloud storage and cryptocurrency wallets.In New York, the safest way for your executor or trustee toaccess digital assets is through legal authorization combined with each provider’s process under Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), rather than just sharing passwords. Keeping your list updated helps your fiduciary administer your estate efficiently and in line with applicable law and provider requirements.
Designate access and management
In New York, executors and trustees can access your accounts, depending on the type of asset, if properly authorized. You have several options to give clear instructions and secure access. Consider these common methods:
Use a password manager that allows secure access for your fiduciary
Include instructions in your will or trust document
Set up online account “legacy contacts” where the service allows it
Create a letter of instruction stored safely offline
Combining these strategies helps your executor handle your digital life and avoids delays.
Review and update your plan regularly
Life changes, and so does your digital footprint. New accounts, updated passwords and closing services can create gaps if your plan is outdated. Reviewing your digital asset plan regularly gives your fiduciary what they need and keeps your digital assets safe.This blog post is for educational purposes only and is not a substitute for legal advice. An estate attorney may help ensure your plan is complete and legally sound.
Secure your digital legacy
Your digital accounts are part of your legacy. Identifying accounts, assigning access and reviewing regularly protects your loved ones and keeps your plan consistent with New York law. With proper steps, your digital life can be just as secure as any other part of your estate.]]>On Behalf of Bailey & Bailey, LLC<![CDATA[Can I gift my assets tax-free in New York?]]>https://www.bblawny.com/?p=469482025-11-11T10:08:10Z2025-11-11T09:59:54ZDoes New York impose a gift tax?
No, New York does not impose a state gift tax. However, there are certain gifts that may affect your federal gift tax calculations. Since the Internal Revenue Service (IRS) sets an annual exclusion amount to gift taxes, you can send your loved ones and favored charities gifts that amount to $19,000 (per recipient) for the year 2025, tax-free.
Are there gifts that are exempt from the calculation?
Yes, some gifts are excluded from the IRS’s annual gift tax exemption limit (GTEL). For example, you want to pay for your grandchild’s college tuition fees. You can achieve this and not have the total costs added to your annual GTEL by making direct payments to your grandchild’s eligible institution.
Any gift you give to your U.S. citizen spouse during your lifetime or after your death is also exempt from federal gift or estate taxes under the "unlimited marital deduction" provision.
As a good rule of thumb, it is highly ideal to consult with a financial advisor or an estate planning lawyer first before you begin gifting your assets. This cautionary practice can help you avoid errors in the process that may lead you to an unintended financial or legal consequence.
With smart planning, you can preserve your wealth
By understanding New York State’s and the IRS’s gift tax principles, you can create an efficient estate plan that caters to your needs and unique lifestyle. This step not only helps you manage your estate tax liabilities but also lets you give away your assets tax-free.]]>On Behalf of Bailey & Bailey, LLC<![CDATA[FSBO: If you’re selling your house on your own, avoid AI]]>https://www.bblawny.com/?p=469392025-08-18T15:48:11Z2025-08-18T15:48:11ZSelling a home without a realtor, commonly referred to as "FSBO" (For Sale By Owner), can feel like an empowering way to save on commission costs. However, many homeowners make missteps during this process that can lead to significant financial trouble.
For example, many homeowners seeking to complete an FSBO transaction turn to artificial intelligence tools to draft listings, generate contracts and/or answer legal questions. While AI may seem convenient, relying on it for such a significant transaction can lead to costly mistakes. If you are hoping to sell your home without a real estate agent, know that real estate deals involve both complex laws and highly specific local practices, and AI cannot provide the tailored, accurate guidance you need to protect your investment.
What’s the big deal?
A home sale is not simply a handshake agreement; it requires properly drafted documents that comply with state and local laws. AI can generate generic language, but it cannot account for nuances like required disclosures, contingencies or unique property features that may need to be addressed. If your paperwork is incomplete or inaccurate, you could face delays, disputes or even lawsuits long after the sale closes.Additionally, sellers are legally obligated to share certain information about the property’s condition, history, and potential hazards. AI cannot advise you on what must be disclosed in your jurisdiction or how to phrase those disclosures to avoid liability. A missed detail, even unintentional, could lead to accusations of fraud or misrepresentation, costing you far more than the commission you hoped to save.A computer is also not in a position to assess the motivations, bargaining positions or financial capabilities of a buyer. Skilled legal teams use judgment, experience and strategy to negotiate terms that can protect your interests. AI can only produce templates or suggestions without understanding the human dynamics that often determine the outcome of a sale.Finally, it is worth emphasizing that real estate transactions are governed by state statutes, county requirements and even municipal ordinances. AI is not equipped to interpret or apply these laws in a way that ensures your sale will hold up under scrutiny. Something as simple as mishandling escrow funds or misunderstanding a filing deadline could derail your sale.FSBO may save money upfront, but cutting corners with AI could expose you to risks that outweigh any potential savings. A better approach is to pair your independence with professional legal support. While you may not need a real estate agent to complete your sale, you do need informed legal oversight far beyond what AI can provide. ]]>On Behalf of Bailey & Bailey, LLC<![CDATA[Estate planning: Addressing your preferences for burial]]>https://www.bblawny.com/?p=469292025-05-14T20:19:02Z2025-05-14T20:19:02ZEstate planning is not just about managing assets and reducing the tax liability of an estate—it’s also about making sure your personal wishes are respected if your health declines at the end of your life and for your body after you pass away.
One often overlooked but important part of an estate plan is documenting preferences for burial, cremation or alternative end-of-life arrangements. Addressing your wishes in your personal estate plan can provide clarity for your loved ones and help you to better ensure that your final arrangements reflect your values and beliefs.
Making your wishes clear and enforceable
In New York, you have the legal right to make decisions about your remains in advance. By clearly stating your burial preferences in a written, legally enforceable document, you’ll reduce the risk of family disagreements or uncertainty after your passing. A written statement of your burial wishes can address several details. You might specify whether you want to be buried or cremated, name a preferred funeral home or cemetery, request a religious or secular service and/or outline your preferences for a ceremony or memorial. You can even state whether you want specific songs played, readings shared or cultural or spiritual practices followed. While it’s not necessary to include every detail of how your memorialization should unfold, the more specific you are, the more helpful your plan will be for your loved ones.It’s important to note that burial instructions should not be formalized solely in your will. A will may not be read until after funeral arrangements have already begun. Instead, it’s best to communicate your burial preferences in a separate document and work with your legal team to ensure that your health care proxy or executor has a copy. You may also want to share your wishes directly with family members or close friends.New York law allows you to appoint an agent to make decisions about the disposition of your remains. This person should be someone you trust to follow your wishes carefully. The appointment must be in writing and properly signed and witnessed to be legally valid. Prepaying for burial or cremation services can also be a smart option. It can ease the financial burden on your family and ensure your arrangements are handled exactly as you prefer. Addressing burial preferences is never easy, but it’s an important act of self-care. Seeking personalized legal guidance is a great way to get started.
]]>On Behalf of Bailey & Bailey, LLC<![CDATA[Planning for long-term care in preparation for retirement]]>https://www.bblawny.com/?p=469262025-02-15T02:59:11Z2025-02-15T02:59:11ZMedicare doesn't cover everything
Contrary to what many aging adults expect, Medicare coverage simply isn't enough to cover all of their long-term care expenses. Medicare covers basic, routine costs but not the extraordinary expenses often associated with nursing home residency or in-home medical support.
Older adults may need to look at their options for covering long-term care costs, which may include long-term care insurance or Medicaid benefits. Long-term care insurance may not be practical, especially if the individual is already at or near retirement age.
If people intend to apply for Medicaid when they require long-term care, prior planning is of the utmost importance. Medicaid looks back at five years of financial activity before determining if any kind of penalty applies given an applicant's circumstances. Penalties can delay access to care when people are at their most vulnerable by making them directly responsible for their care costs.
There's also the risk of estate recovery efforts that could diminish the legacy of the older adult after their passing. Long-term care planning, especially as it applies to Medicaid, could involve transferring property to a trust and taking on co-owners. People may also give gifts to their family members years before they anticipate needing Medicaid.
Addressing elder law concerns, such as long-term care costs, can help people navigate their golden years with grace. The sooner people plan, the easier it may be to cover expenses if intensive care is needed later in life.]]>On Behalf of Bailey & Bailey, LLC<![CDATA[3 ways to keep certain assets out of probate court]]>https://www.bblawny.com/?p=469162024-11-12T16:21:13Z2024-11-12T16:21:13ZAdding a co-owner
The resources in the name of the deceased individual become the property of their estate. People can potentially prevent assets from becoming part of an estate by taking on a co-owner for those assets during their lifetime. Resources ranging from real estate and vehicles to financial accounts and businesses can have other people named as secondary owners. Such strategies can keep assets out of probate court and ensure that they transfer directly to a specific person who acts as the co-owner during the lifetime of the testator.
Arranging for a direct transfer
For those with financial resources, taking on a co-owner may not be the best financial choice. A co-owner could theoretically waste jointly-owned assets. Preserving sole ownership may be necessary for an individual's financial stability and peace of mind. That being said, it is possible to bypass probate court by arranging for financial resources to transfer directly to specific people after the death of the main account holder.
Adding payable on death or transfer on death designations to investment accounts, checking accounts and retirement accounts can allow a specific beneficiary to assume control of financial resources when the account holder dies. They must typically appear in person with both government-issued identification and a copy of the death certificate but can gain control over financial resources without waiting for probate proceedings.
Using assets to fund a trust
Testators in a variety of situations may decide to create trusts. They may want to leave resources for a beneficiary with special needs or a history of financial challenges. They may worry about qualifying for Medicaid for long-term care or paying estate taxes if they have particularly valuable resources. The assets used to fund a trust belong to the trust and do not pass through probate court in most cases. Therefore, the establishment of a trust can be a useful step for those who want to keep specific assets out of probate court.
Discussing legacy wishes and personal assets with a skilled legal team can help people establish estate plans that achieve their goals. A testator who wants to keep property out of probate court may need to use an assortment of tactics to minimize what passes through court after their passing.]]>On Behalf of Bailey & Bailey, LLC<![CDATA[Why are contingencies so important to real estate buyers?]]>https://www.bblawny.com/?p=469152024-08-19T00:28:07Z2024-08-19T00:28:07ZWhat contingencies do for real estate buyers
A contingency is essentially a clause creating a scenario in which one party can cancel an agreement without incurring penalties. Contingencies allow buyers to cancel a closing even after the seller accepts their offer in specific circumstances.
In a residential real estate scenario, buyers usually prove their sincere intent to complete the transaction by depositing earnest money. Typically, the minimum amount of earnest money is at least 1% of the purchase price. Buyers seeking a high-demand property might deposit much more than 1% of the proposed purchase price as earnest money as another way to stand out to a seller.
That money is essentially a promise that the buyer intends to follow through on the transaction. If they cancel the closing, the seller can sometimes keep that earnest money. Contingencies provide scenarios in which the buyer can cancel the closing without losing the funds deposited as earnest money.
People frequently have inspection contingencies in case the property has defects they were unaware of or appraisal contingencies in case the home is worth less than they offered and they cannot secure a mortgage. Survey contingencies are popular when a property includes a sizable parcel. The exact protections buyers require depend on the unique characteristics of the property.
The creation of appropriate offer documents can help protect those seeking to acquire residential real estate. They can preserve their earnest money with contingencies in a scenario where completing a transaction might otherwise prove disadvantageous. Buyers who know what is at risk can use the right strategies to protect their interests.]]>On Behalf of Bailey & Bailey, LLC<![CDATA[Beyond blood: Who can be a beneficiary of your trust?]]>https://www.bblawny.com/?p=469142024-05-14T22:02:04Z2024-05-14T22:02:04Zdesignate beneficiaries who will receive your assets.
But who qualifies as a beneficiary? While children are a common choice, you have more flexibility than you might think. By exploring the world of trust beneficiaries, you can understand who can benefit from your thoughtful planning.
Expanding your beneficiary circle
Traditionally, children are the primary beneficiaries in trusts. Spouses and partners are also natural beneficiaries. This helps to ensure their financial security. However, your options extend far beyond your immediate family.
Other family members: Grandchildren, nieces, nephews or even parents can be included. This can be beneficial if you have close relationships with them or want to help ensure their well-being.
Friends or charities: Close friends who have been there for you or charitable causes you're passionate about can be designated as beneficiaries.
A trust for a special needs beneficiary: A carefully crafted trust can provide for a loved one with special needs, helping to ensure their continued care.
While the possibilities are vast, choosing beneficiaries requires careful consideration. For starters, your relationship with the beneficiary matters. The strength of your bond and their needs should influence your decision. You may also want to consider a beneficiary's age and maturity. For younger children, a trust can help ensure responsible management of assets until they reach a more mature age.
Additionally, consider the purpose of the trust. Is it to provide ongoing financial support or a one-time inheritance? This may influence who you choose.
Moreover, the type of trust you create can impact who can benefit. Suppose you create a revocable trust. In that case, you retain control of assets during your lifetime, but they transfer to beneficiaries upon your passing. You can name different beneficiaries for income and principal.
You can also opt for an irrevocable trust if you want the assets allocated in it to be permanently removed from your estate. In this case, beneficiaries are predetermined, and you have limited control after the trust's creation.
Ultimately, the decision of who to name as a beneficiary is a personal choice. By considering your relationships, goals and the type of trust you create, you can help ensure your legacy benefits those who matter most. Consulting with a legal team is crucial to help navigate the legalities and tailor your trust to your specific circumstances.]]>On Behalf of Bailey & Bailey, LLC<![CDATA[What are the witness requirements for a New York will?]]>https://www.bblawny.com/?p=469132024-02-19T22:39:42Z2024-02-19T22:39:42ZThe state requires two adult witnesses
Most lawful wills in New York are written documents, and those wills are subject to witness requirements. Generally speaking, there need to be two outside witnesses who can attest to someone's cognitive function and identity. Those witnesses must sign the documents, although they do not necessarily need to witness the testator signing the paperwork.
Instead, they must communicate with the testator and affirm that they signed the document and are aware of the terms included in the will. Technically, witnesses in New York can sign after the testator drafts and signs the paperwork. The law only requires the signatures of witnesses within 30 days of the testator's signature.
Any competent adult could be a witness for the signing of a will. It is often a smart decision to select witnesses who do not have an interest in the estate. Someone who is also a beneficiary of the estate might not be an impartial witness because they stand to benefit from the terms included in the paperwork.
Witnesses may eventually need to speak in probate court if there is conflict about the terms included in the will or questions about the testator's mental capacity at the time when they signed the documents. Only those who conform to New York state probate standards have the certainty of knowing that their wills are valid and enforceable after their passing.]]>