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New York City Legal Blog

Understanding the difference between heirs and beneficiaries

It often seems like whenever one brings up the issue of estate planning in New York City, many of his or her listeners stop paying attention. Planning for end-of-life matters often seems unimportant to those who believe themselves to still be early (or in the middle) of it. The problem is that many who put off this process rarely get around to completing it. In fact, information shared by the American Association of Retired Persons shows that 60 percent of American adults have yet to prepare a will.

Why do experts encourage people to begin their estate planning early in their adult lives? The primary reason is because no one knows when he or she might die (or become incapacitated). Therefore, before one spends his or her adult life working to acquire assets and property, he or she should ensure that his or her wishes regarding their dispersal to his or her beneficiaries is clearly stated.

Wells Fargo accused of more improprieties against its customers

There is another major scandal at Wells Fargo, and the banking giant could be facing trouble with insurance regulators in at least five states. According to an internal report prepared for Wells Fargo executives, the bank foisted unwanted and often unnecessary car insurance onto as many as 800,000 unsuspecting customers.

According to the report, which was prepared by a consulting firm and obtained by the New York Times, Wells Fargo engaged in the relatively rare practice of requiring borrowers to obtain auto insurance when they took out car loans, even though auto insurance is already required for drivers nationwide. In theory, the borrower could meet the requirement by purchasing auto insurance on their own.

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