People learn from experience, by watching others. When the musician Prince died without a will last year, it kicked off an intense and lengthy probate process. His estate is worth an estimated $100 to $300 million. The lack of estate planning surprised everyone, considering the artist's level of control over his music during his career.
A trustee is tasked with managing the assets in a trust for the benefit of the trust's beneficiaries, and handling assets in the manner dictated by the terms of the trust. When a trustee fails in his or her duties, it is referred to as breach of fiduciary duty.
A phrase that comes up frequently in estate litigation is undue influence. It is the accusation that one party took advantage of another's frailty to defraud or steal from them.
If you've ever listened to the morning news or scanned the paper while having your coffee, you're likely familiar with the concept of contesting a will. One or two high-profile estate plan challenges usually make the news each year, most often those of celebrities, businessmen, socialites and other similarly wealthy people.
On October 14, 2015 the Law offices of Bashian P.C. were proud to host a live, 90 minute "webinar" presented by the New York State Bar Association entitled "Winning a Will Contest Using Medical Records to Support Lack of Capacity." Partners Gary E. Bashian lectured in detail about the nature of Testamentary Capacity under New York law, the use of medical records to establish a Testator's lack of capacity, and