As many clients, or potential clients, may know, it is uncommon for a Court to find that a Will is invalid after it has already been admitted to Probate. However, in limited circumstances, the New York Surrogate's Court has the power and authority to deem a Will that have already been admitted to Probate as invalid, "vacate" its own Decree, and allow a party to contest the Probate of the very Will that the Court had previously determined was proper.
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.