Kiritsis & Associates

 

What is testate?

Jul 16, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M


Generally, testate refers to a situation when someone dies without a will. This may be used as a powerful estate planning tool because it could help for testator to allocate his estate more consistently with his donatative intent, as well as be part of a larger tax minimization strategy. An added the benefit of a deal, is it is often permits the designation of an executor which may avoid the appointment of an administrator which is determined by the court. Although it may be a part of the public records similarly to court proceedings --  it is usually harder to find. Also,  a will in combination with trusts, could often provide an ideal estate planning strategy. A will is similar to a deed because it is not considered a contract, because only one party executes it. However, unlike a deed, a will can  virtually always be revoked or modified by its creator. Many regard New York, as having one of the most complicated descent distribution laws in the country; however, in this author's opinion, New York courts are generally one of the most experienced in handling descent  distribution controversies.

 

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