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Estate Planning

Estate Planning for Minors

Estate Planning for Minors in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law,

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Estate planning at different ages
Estate Planning

Estate planning at different ages

Estate Planning at Different Ages At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills, and

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Probate litigation
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Probate litigation

Probate Litigation: New York Probate Lawyer Dealing with the loss of a loved one is challenging enough without the added stress of handling their estate.

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Inheritance Dispute
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Inheritance Disputes

Inheritance Dispute Lawyer in New York Inheritance disputes can be highly complex and emotionally charged, particularly when family members are involved. If a loved one

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Will contest
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Will Contest

Will Contest Lawyer in New York Challenging the validity of a will can be a complex and emotional process. At Morgan Legal Group, located in

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Guardianship Proceedings
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Guardianship Proceedings

New York Guardianship Proceedings Guardianship proceedings are crucial in protecting the rights and assets of incapacitated individuals. In many cases, an incapacitated person may fall

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Accounting

Navigating Estate Litigation and Trust Administration in New York Estate and trust administration issues can be complex, especially when dealing with asset accounting and managing

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Estate Litigation Law
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Estate Litigation Law

Expert Estate Litigation in New York with Morgan Legal Group Estate litigation involves numerous challenges, particularly when you’re coping with the loss of a loved

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Trust Reformation
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Trust Reformation

New York Trust Reformation Lawyer Trust reformation is a complex process that involves modifying a trust to correct issues and ensure it aligns with the

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Spousal right of election lawyer New York
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Spousal Right of Election

Spousal Right of Election in New York Understanding the spousal right of election is crucial for protecting the inheritance rights of a surviving spouse. At

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Real Estate Partition Action
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Real Estate Partition Action

Real Estate Partition Action Real estate partition actions can be complex and emotionally charged, particularly when multiple parties own property and cannot agree on its

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Protection of Beneficiary Rights
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Protection of Beneficiary Rights

Protection of Beneficiary Rights Ensuring the rights of beneficiaries is a critical aspect of estate planning and administration. At Morgan Legal Group, located in New

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Fraudulent Transfer Attorney
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Fraudulent Transfers

Fraudulent Transfer Attorney in New York Cases involving fraudulent transfers and undue influence in estate law can be complex and emotionally charged. These situations often

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Contested Powers of Attorney
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Contested Powers of Attorney

Contested Powers of Attorney in New York A power of attorney (POA) is a crucial document that grants legal authority to another party (agent) to

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Estate Litigation
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Estate Litigation

Comprehensive Estate Litigation Services by Morgan Legal Group At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

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Real Estate Litigation
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Real Estate Litigation

Comprehensive Real Estate Litigation Services by Morgan Legal Group At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship,

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Fireworks laws NY
Estate Planning

Fireworks Laws

Understanding Fireworks Laws in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills,

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Family Law
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Family Law

Comprehensive Family Law Services at Morgan Legal Group At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

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Divorce Practice
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Divorce

Understanding Divorce in New York Divorce is the legal dissolution of a marriage by a court. In New York, divorce can be complex, involving various

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What is Credit Life Insurance in New York 2024?
Estate Planning

What is credit life insurance?

What is Credit Life Insurance in New York 2024? At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship,

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Life Insurance and Probate
Estate Planning

Life insurance and probate

Life Insurance and Probate: Understanding the Connection At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law,

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How to make good estate plans
Estate Planning

How to make good estate plans

How to Make Good Estate Plans in New York 2024 At Morgan Legal Group, located in New York City, we specialize in estate planning, probate,

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The Importance of Estate Planning in New York
Estate Planning

Importance of estate planning

The Importance of Estate Planning in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

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The main element of estate planning is a Will, a living trust, living will, financial power of attorney, and healthcare power of attorney. However, other important estate document can be created alongside these plans. Through estate plan, you can protect your estate from terrible losses when you can no longer manage it (probably due to incapacity) by appointing someone to manage it on your behalf. You can also guarantee yourself that only those who matter most to you will benefit from your wealth. Through estate planning also, you can decide the kind of healthcare you want even when you are in a vegetative state because your documents would be there to speak for you.

Will

A will is invariably the most popular estate planning document and also the simplest. In fact, when some people think about estate planning, the first thing their mind goes to is a will. Formally called a Last Will and Testament, a Will should contain your last wishes concerning how you want your estate disbursed when you pass away. In it, you allocate specific assets to as many beneficiaries as you desire, naming them accordingly. You should also appoint an executor to carry out those wishes. If you have minors, you can name a guardian for them. However, Wills are not always sufficient for everyone. This brings us to living trusts.

Living trust

A living trust is a kind of trust which can be altered or canceled at any time. For people who do not wish to put their loved ones through the stress and expenses of probate, they create trusts instead of a will. It also provides tax advantages and privacy, things you would not get from a will. A trust can also be used to hold assets for minors.

Living Will (Advance Healthcare Directive)

A living will, as the name denotes, is a will that only operates during one’s lifetime as opposed to a Last Will. A living will does not transfer assets, but is used to spell out your wishes concerning your end-of-life healthcare preferences. These may boil down to whether you would desire to be put on life support, offer your body for scientific experiment or organ donation, etc.

Financial power of attorney

In the event of incapacity, you definitely would need someone to be in charge of your financial responsibilities. You do not want just any member of your family to be in charge especially when they lack the financial know-how. In order to ensure that someone competent and of your choosing becomes the one to make financial decisions for you, name them by creating a financial power of attorney now. Your agent appointed has the legal authority to handle your finances and make decisions on your behalf in the event you become incapacitated. Do not be confused with the name. Your agent must not necessarily be an attorney or any legal professional whatsoever.

Medical power of attorney/Healthcare proxy

Like the financial power of attorney, a medical power of attorney is used to appoint someone to make healthcare decisions in your stead when you are unable to make them yourself.

Advance healthcare directive

This document is also known as a living will but should not be mistaken for a last will. It is used to express your wishes for healthcare during serious health conditions like a terminal condition that leaves you in a vegetative state.

Bottom Line.

It could be tempting and perhaps less expensive to make estate plans all by yourself. The dangers lies in not creating the proper plans which would be fit to stand in New York. While it may not be bad engaging in steps involved in planning your estate, it is a bad idea to go do it all yourself without involving an estate planning attorney near you.

Contact an estate planning near you today.

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.

Do you stay in Brooklyn? Contact an estate lawyer near you, today.

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