Estate Planning explained

Estate Planning explained

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Estate preparation involves setting up plans that indicates how your assets are to be shared and managed upon your death or incapacitation. An estate plan is mainly created to protect your family and the individuals you care about. You can as well plan an estate that cater for charities and other non-profitable social organizations.

There exist this common misconception that an estate plan is all about drafting a will. Of course, a will may be a significant aspect of this plan, but in general the plan involves a whole lot of processes, and writing a will, may be the simplest of them. A good estate plan can assist you in attaining your goals and aims, with a holistic approach that comes with business, tax, including medical planning.

What does this plan involve?

Anyone who is above the age of 18 is eligible to plan his or her estate. To plan your estate, you must be aware of what is involved. Of course, you can easily contact an estate planning attorney in New York for assistance, but it is crucial you have little knowledge regarding what this plan entail.

The creation of an estate plan involves taking your needs and goals into account. Such needs and goals differ for each person. The primary reason for the estate planning process is to ensure that the estate of the deceased is distributed according to the decedent’s wishes and that the probate process goes on smoothly. Estate planning also helps in increasing the value of one’s asset via effective tax planning and other financial tools.

Simply put, an estate plan is done in preparation of your future needs including that of your family and those you love.

Estate Planning New York

Each State has its law that governs the estate planning process. In New York, the estate planning process is almost identical to how it is done in other states. If peradventure you fail to plan your estate while alive and you eventually kick the bucket, your assets will be shared and distributed based on the intestate law of New York. This simply denotes that, you won’t have a say on how your assets should be shared.

The process however can get messy. It can result in misunderstanding between close family member and friends which could lead to damaged relationships. I bet you would definitely want to avoid this.

What is a will?

A will is a legal document that contains instructions regarding your estate. This document also contains information such as a list of all your assets, the beneficiaries of your estate, how you want your assets to be shared to the designated beneficiaries, etc.

In your will you can also state how you wish to be buried. The certain location, the method, and other arrangements you wish to include. The name of your estate executor should also be written in your will. This individual will represent you during the probate process. 

An estate executor has several duties. It is the job of the individual to oversee the administration of your estate. It is also the duty of this individual to ensure that all your due taxes and unpaid debts are settled accordingly. If you die without an estate, the court will have to select an estate executor for you. 

Implication of a Will Vs. No Will.

If you have created a Will, be assured that your wishes on how you would like to share your assets to beneficiaries will be implemented. Even while you are not alive, a surrogate court will still uphold this desire.

However, when you die without an estate document or a Will, then there’s no way a court will know what your desire are; as such your estate will be subjected to intestacy law in New York. The intestacy law uses a form of hierarchy to distribute deceased assets to surviving relatives.

Estate Planning Attorney

When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state. 

If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.

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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