We hope this newsletter finds you and your loved ones safe and healthy. The coronavirus "lock down" is causing many of our clients to re-think their existing estate plans. Many of you want to make modifications or take additional steps to improve your estate plan now or once this crisis is over. In addition to your own personal revisions, the following highlights two (2) issues you may also want to consider:
- Consider Moving To A Revocable Trust Concept To Avoid Surrogate'sCourt Backlog
- Review Your Insurance Coverage & Consider Changes
Use of a Revocable Trust to Avoid the Probate Process.
Until recently, most of our New York and New Jersey clients executed a Last Will and Testament (a "Will") to dispose of their assets upon death. This made perfect sense since the probate process (i.e., the legal process through which a court insures that when a person dies his/her debts are paid, fiduciaries are appointed to administer his/her estate and his/her property is distributed according to his/her Will) was relatively inexpensive, efficient and timely.
Please see full Alert below for more information.