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About Elder Law in New York
elder law

About Elder Law in New York 2024

Elder Law in New York 2024: A Comprehensive Guide As the population ages, the importance of elder law—an area focusing on the legal needs of

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Will And Trust In New York
Wills and Trusts

Will And Trust In New York 2024

Wills and Trusts in New York: Your 2024 Comprehensive Guide As we approach 2024, the estate planning landscape in New York continues to evolve. Understanding

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Elder Law in NYC
elder law

Elder Law in NYC 2024

Elder Law in NYC 2024: Navigating Legal Challenges with Morgan Legal Group As 2024 approaches, navigating the complexities of elder law in New York City

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Probate in New York
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Probate in New York 2024

Comprehensive Guide to Probate in New York 2024 As we step into 2024, the probate process in New York City continues to be a pivotal

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Estate Planning
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: A Comprehensive Guide by Morgan Legal Group The landscape of estate planning in New York is ever-evolving, with 2024

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Article 81 Guardianship New York
Estate Planning

Article 81 Guardianship New York 2024

Article 81 Guardianship in New York Article 81 guardianship in New York plays a crucial role in safeguarding the interests of incapacitated individuals. As we

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Is trust better than inheritance?
Trusts

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Is Trust Better Than Inheritance in New York? When planning to transfer assets to future generations in New York, individuals often decide between establishing a

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Can I do my own probate?
Estate Planning

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An Overview Of Elder Law In 2024
Estate Planning Law

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How do I organize my estate documents?
Estate Planning

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Who decides if probate is needed?
Estate Planning Law

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Who Decides If Probate Is Needed in New York? The probate process plays a crucial role in estate administration, but not all estates require it.

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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.

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