FEATURES & NEWS

Trusts for Minor Children in New York
Estate Planning

Trusts for Minor Children

Trusts for Minor Children in New York Understanding the Importance of Trusts for Minor Children Establishing a trust for minor children is a vital component

Read More »
Five Common Mistakes a Probate Lawyer Could Make in New York
Estate Planning

5 mistakes a probate lawyer

Five Common Mistakes a Probate Lawyer Could Make in New York Probate is a vital process for administering an estate after someone’s death. However, even

Read More »
Reasons to Hire a Probate Lawyer in New York
Estate Planning

Reasons to hire a probate lawyer

Reasons to Hire a Probate Lawyer in New York Probate is the legal process of validating a will and administering an estate after someone’s death.

Read More »
3 Ways to Avoid Probate in New York 2024
Estate Planning

Provide 3 ways to avoid probate

3 Ways to Avoid Probate in New York 2024 Probate is a legal process that oversees the distribution of a deceased person’s assets. While it

Read More »
Can the President Remove the Fed Chair? Legal Perspectives
Publications

Can the President Remove the Fed Chair?

Understanding Presidential Powers Over the Federal Reserve With growing discussions around the President’s influence over the Federal Reserve, the question of whether a sitting president

Read More »
Legal Insight on YouTube Allegations
Publications

Legal Insight on YouTube Allegations

Cancel Culture: Legal Insight on Rosanna Pansino’s FBI Report Against MrBeast In the rapidly evolving social media landscape, allegations and accusations can surface quickly, often

Read More »
Understanding Wills and Trusts in New York
Estate Planning

Wills and Trusts New York

Understanding Wills and Trusts in New York Wills and trusts are essential tools for estate planning in New York. Each serves distinct purposes and offers

Read More »
What is Elder Law in New York 2024?
elder law

WHAT IS ELDER LAW?

Understanding Elder Law in New York 2024 As individuals age, their legal needs evolve, requiring specialized expertise in areas affecting their health, assets, and legacy.

Read More »
All About Trusts and Wills in New York
Estate Planning

All About Trusts and Wills in New York

Understanding Trusts and Wills in New York: Essential Tools for Estate Planning Planning for the future requires careful attention to detail, especially when it involves

Read More »
Attorney for Wills and Trusts
Estate Planning

Attorney for Wills and Trusts

Discover expert guidance for Wills and Trusts in New York. Morgan Legal Group provides personalized estate planning for peace of mind.

Read More »

The cars, house, business, and other assets you own wouldn’t be distributed according to your wish without a will. A will which is a significant component of estate planning holds information regarding how you want your estate to be distributed. In other words, a will carries your wish concerning your assets. Thus, if you didn’t draft a will while alive, there would be no way to determine how you want your assets to be shared or managed.

Estate planning is a very important plan. The benefits of an estate plan are often glaring after ones death or during one’s incapacitation.

Benefits of An Estate Plan during Incapacitation

Accidents may occur that could lead to your incapacitation. Or you could become incapacitated as a result of old age. Whichever the case may be, during your state of incapacitation, you will need someone to make those crucial healthcare, legal, or financial decisions on your behalf. An estate plan, or a power of attorney, to be precise, is the document you need to ensure that whoever decisions that are made during your incapacitation, are made in your best interest.

A power of attorney is a legal document that allows you to select an individual (legal agent) who would make important legal or financial decisions on your behalf should you become unable to make them yourself. A healthcare power of attorney, on the other hand, is another important estate planning document that allows you to designate an individual who will help you make crucial healthcare decisions on your behalf.

What happens when you don’t have a power of attorney or a healthcare power of attorney?

If you planned your estate the old fashioned way, there is a huge possibility that you or whoever helped you create your estate plan didn’t draft a power of attorney or a healthcare power of attorney. If you failed to create a healthcare power of attorney or a power of attorney, the court will step in. That is, the court will appoint an individual to make those important healthcare, legal, or financial decisions on your behalf. Now, the problem here is, you may not like the individual who would be selected by the court. For this reason, it is very important that you create these documents alongside your estate plan.

What happens if you don’t have a will?

If you don’t have a will, it means you didn’t plan your estate. It is slightly possible to say you planned your estate by drafting a will. However, it is impossible to say you planned your estate by not drafting a will, which is one of the most important estate planning documents. So what happens if you don’t have a will?

First off, if you die without a will, you would be regarded as one who died intestate. When that happens, your assets would be shared based on the intestate law of Long Island or the state you reside in. The whole process is usually time-consuming and can put your family and loved ones in a very difficult situation. So, ensure you contact an estate planning attorney Long Island and plan your estate.

Must I Hire an Estate Planning Attorney When Planning My estate?

While there are a lot of online estate planning tools out there, it is important that you hire the services of an estate planning attorney, especially if you have a large estate. Online estate planning templates aren’t designed to handle large and complicated estates, they are only designed to handle those generic estates that doesn’t require much planning or estate planning document.

Hiring an estate planning attorney comes with several benefits. This professional can handle any type of estate. An estate planning attorney is very experienced and conversant with the estate planning laws of your state. Thus, he can help in ensuring that your estate is planned according to the laid down laws of your state. In addition, an estate planning attorney can provide you with valuable advice and recommendations where needed.

 If your estate eventually enters probate, your designated estate executor, including the beneficiaries of your estate will need the assistance of an estate planning attorney.

Contact an estate planning attorney Long Island, now!

Most Popular: