Estate planning attorney near me 11004: 5 major reasons you need an estate plan

Estate planning attorney near me 11004

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In today’s contemporary world, making plans towards your estate has never being very important. Estate plan cut across every financial class and households, whether the extremely wealthy, middle class, or whatever category you could ever imagine. People who make estate plans does so for many reason just like people who doesn’t think an estate document is important. Estate planning involves making plans on how you would like to implement personal, financial, medical desires for you or others. Whether now or later plans, estate planning document will effortlessly execute your wishes over your estate. Do you wish to pass an estate property to another person at a particular time? Alternatively, do you wish to assign a guardian for you minor wards until they are able to handle the properties assigned to them? Then you need an estate document

These and many more other reasons are why you need an estate planning attorney near you. With the attorney you have the perfect foundation for planning and executing your estate wishes. Much more, the estate planning attorney will guide you through process of making the right estate plans.

Here are 5 reasons you need an estate plan.

To protect your estate properties.

No matter how large your bank account is, or how many properties you have, you don’t want someone wrongfully claiming ownership on your hard earned assets. Thus, you need an estate plan. Assets protection is perhaps the very first reason most people often consider when meeting an estate planning attorney for the first time. There are several estate document that suit whatever estate protection you need. The living trust, irrevocable trust, AB trust among other documents meets all sort of assets protection documents. However, consulting an estate planning attorney near you will do better good, as you will guided to only the suitable document.

Sometimes, it is always too late when you don’t have any asset protection and you have a lawsuit, or perhaps it seem likely. However, going forward, you can still make proper plans to help protection your assets beneficiaries, you finances, and other properties even when you are no longer alive.

To protect assets beneficiaries.

Parent, guardians often times have assets they would like to give to desired beneficiaries, however, the named beneficiaries may be underage or ineligible to possess such asset at that time. An estate plan document will help protect this asset in the beneficiary and ensure that at the right time, it get to the rightfully named owner. Also, with an estate document, you can name a guardian for your minor beneficiary. The guardian will take responsibility of the child’s care both while you are there or no longer available. In most states, just like the New York, a guardian or conservator is advised for minor beneficiaries to take care of financial and personal affairs. As such, to prevent expensive court supervised guardianship or naming someone you wouldn’t approve of as a guardian, you need an estate planning document.

To avoid probate

Probate is a court process of verifying the authenticity and validity of an estate document. Usually, this process takes a lot of time. While some probate process take up to 3 or 4 weeks, some could end up going on for several months. Typically, the length of probate depends on the complexity of the estate and documents involved. Other factors such as will contest; family feud may influence the period. However, with a well document estate plan, probate can be avoided. Even if not totally avoided, it will be an easy short process. Most people having heard of horrifying probate experience definitely try all to avoid probate. An estate planning attorney will help you create proper estate plans to steer clear of harsh probate.

To avoid excessive estate taxes.

An estate plan document can help prevent or significantly reduce excessive federal and state taxes on your estate. Just like other states in the US, taxes are incurred on estate properties. To avoid legal issues or even probate you need to adequately follow the state’s laid down estate tax regulation. However, with basic document such as AB trust, revocable living trust married couples can prevent high taxes incurred o large estate. Other more estate planning techniques can help individuals pay less fee on estate or even in process of passing estate properties to beneficiaries.

Contact an estate planning attorney near you today.

Simple mistakes can ruin estate plans; as such you need an expert capable of making suitable and approbation estate plans and documents. Contact our estate planning attorney near you today, 11004, New York to guide you through the process estate plan documents. We handle your estate plans with professionalism and confidentiality.

We offer assistance, counseling in estate related issues, probate matters, family law issues, and other advance guardianship and conservatorship issues in New York. Contact our attorney closest to you today.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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