Thursday, April 28, 2016

WHY YOU SHOULD HAVE A WILL - A LESSON FROM PRINCE DID NOT


If you are a resident in New York, the small estate administration is still a procedure (especially if there is an issue with heirs) and is only available if:
  • If the decedent (the person who died) passed away between August 29, 1996 and December 31, 2008 AND had $20,000 or less in personal property (not land or buildings).
  • If the decedent passed away after January 1, 2009 AND had $30,000 or less in personal property.
  • If the decedent owned real property, he/she owned it jointly with someone else and you don’t plan to sell the real estate.
Otherwise, have a will. Here's one story on what Prince's family may be facing:

http://www.billboard.com/articles/business/7348424/prince-estate-will-lawsuits-tax-bills

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