Reasons Why Estate Planning Is Important

5 Reasons Why Estate Planning Is Important

ESTATE PLANNING BEFORE DEATH

Death is something no one wants to think about especially your own but it’s important to think of a plan when the worst ever comes into your life. When there is no will or Estate plans, it can achieve a ton of conflict for everyone you consider family.

2. CASH OUT WITH ESTATE PLANNING

Assets can be a long way from how you would decide to pass along your belongings and each state has some rendition set up. A method for guaranteeing the state of your resources has to be taken care of to make a home plan with your estate lawyer.

3. LEGALLY OWNING WHAT YOU HAVE

Without a will and in case you owe obligations upon your demise properties can be offered to reimburse the obligations owed. If you have a plan that selects an agent to deal with obligations, this has been appropriately ensured by a legal counselor.

4. STAY AWAY FROM THESES ESTATE PLAN FEES

Probate can be difficult process and there are charges included. Not all states require a plan to go through the probate as long as it is characterized and arranged with an attorney. Assuming your family needs to go through probate all alone without right path, the court can assign the plan itself to pay for particular costs.

5.  BENEFICIARIES AND WHO COUNTS

Maybe you have a protection strategy, an investment account or other financial resource, you have picked recipients on those records. With this kind of arrangement, you can spread out the guidelines of who gets what with when.

With knowledge of knowing what an estate plan provides and knowing it’s pros you’d should call the number below. Today is the best time to make an estate plan for full protection. For any questions pertaining to the following, feel free to ask morganlegalny.com or call (212) 561 – 4299 to get your financial freedom.

FAQ

  1.  What is medicaid fraud?

Medicaid fraud is simply false information to get Medicaid to pay for all the services needed for yourself or someone else.

2. How much does a will cost in NY?

A usual Will can cost you about $1200 but with an estate plan package, it’ll be around the same price range or even less with a good estate lawyer. Then that can be much cheaper up too $300 to $1000 depending on your situation.

3. When someone dies does their debt go away?

No, when someone dies, if that person had any debt, creditors will still ask for the money back adding more credit to the accounts. After designation of the persons assets during court, payment of debts will also be announced to whoever court would call responsible. So a family member, spouse or close friend will continue with paying everything you owe which is why you should make an estate plan to prevent this sort of conflict.

4. Does a trust protect assets from nursing home?

 Yes, as long as you transfer funds towards your rent, mortgage or assistant living instead of going to a nursing home.

5. Can I make an estate plan alone?

You are allowed to make your own estate plan but this would have you leave any significant amount of errors if it isn’t viewed by an actual lawyer. So making your own estate plan might be an invalid one if not looked over.

6.   What does an elder care attorney do?

An elder care attorney has the expertise in arranging any necessary goals to whoever the elder being served needs. It can go along with not just estate planning but also medical care proxy’s, elder abuse or dealing with ownership of spousal belongings. This is all regards to any senior over the age of 50.

7.  What is a Totten Trust Form?

This is a trust form that allows you to avoid probate due to already assigning a beneficiary after your name.

8. How do I know if my unemployment claim was approved in NY?

After applying for unemployment at the official NY government website, ny.gov, you should receive a letter towards your home address 2 weeks after applying stating how much unemployment you should be receive. Though that’s if you get approved. If not, you would receive the same letter in the same amount of time saying you’re ineligible due to certain dynamics in your life that the government won’t give you any benefits.

9. Do you need a lawyer for advance directives?

These forms can be created by yourself as long as your over the age of 18 but has the same disadvantages of handwriting your own Will. This meaning that advance directives shouldn’t be handwritten to prevent future fallacies due to not being able to read the file or putting information that has nothing to do with what’s needed. So you can make your own advance directives but it’s recommended to get a lawyer to guide you in the process.

10. Does a trust override a will?

No, a trust has different functions than a Will but a trust secures the Wills needs for whatever is listed.

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