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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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New York Estate planning attorneys

You can never go wrong when planning your estate with an estate planning New York lawyers. Consider the following; have you considered planning your estate yet? Do you know the appropriate estate documents required? Have you estimated your assets and know its value? These questions can be answered once you understand estate planning and plan with an estate lawyer. 

Estate planning is a way of protecting yourself, your interest, assets etc. and ensuring your family, loved ones get covered and also protect. Estate planning is presumably one of the most urgent you should attend to no matter your financial or medical situation. 

The process of estate plans starts from valuing your properties and estate. To do this, you need to establish the value of your assets like homes or any other property, money and savings, shares and investments as well as any of your other possessions. Liabilities and debt should be however deducted to obtain the overall value of your estate. 

How estate planning help you protect your estate and finances

Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. Estate plans,  concerns what happen to your assets, finances  both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.

Through a number of documents, you can save your finances and prevent them from been ruin. Although it is advised you consult Estate planning New York Lawyers to help you with the appropriate document inclusion. 

Will and Testament: this is one of the ways you protect your finances and assets and ensure they get to your loved ones or desired beneficiary. A will contains a detailed list of instructions as to how your asset or finances should be shared after you die. 

Trust: Trust are important additions to your estate plans. They usually contain more advance details than wills of how your assets or finances are handled. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated.

Estate plans prevents probate

Probate is a judicial process whereby a will is proved in the law court to ascertain whether it is valid and true. Probate processes and long and disturbing. During probate periods:

  • The assets of the deceased meant for the beneficiary is with-held.
  • The probate processes takes month to be completed, during which the assets are held by the courts.
  • Probate makes the statements of the will public. Having only a Will as an estate plan document would make statement of the will come to public knowledge.

Planning your estate would ensure that you avoid probate. Through revocable living trust, probate can be avoided. Revocable living trust is a written agreement which covers three phases of one’s life; while you are alive and well, when you become mentally incapacitated and lastly after you die. 

A revocable living trust doesn’t require probate because the assets has been placed into the trust before the death of the trust maker. Signing the trust agreement by itself is not enough to avoid the probate of property, but instead transferring the assets into the trust and title them in the name of your trust.  

Other documents are:

Advance medical Directives

This is also known as medical or health care power of attorney. It is a legal document that expresses a person’s health care preferences for events where you are unable to make such decisions. A living will or advance medical directive document may be filed in court to should it be someone needs to be your guardian or conservator.

Durable power of attorney

Also known as a financial power of attorney grants a person of your choice power to make key financial decisions for you when you are unable to do so.

Contact our list of New York estate planning attorney closest to you today.

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