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Estate Planning
Estate Planning

About Estate Planning

All About Estate Planning in New York Welcome to our comprehensive guide on estate planning in New York. At Morgan Legal Group, we understand the

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Estate Planning
Estate Planning

Estate Planning Tips:

What is a Special Needs Trust? A Special Needs Trust (SNT) is a type of trust created and funded on behalf of a disabled individual

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Guardianship attorney
Guardianship

Guardianship attorney NYC

A guardianship is an important legal role that is typically appointed by the probate court. Guardianship is an essential legal tool in decisions making process

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The importance of a living will
Estate Planning

The importance of a living will

Many people may feel that they have adequately put their affairs in order by having a last will and testament properly drafted and executed. While

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Business Succession Planning
PRACTICES

Business Succession Planning

All About Business Succession Planning in New York Welcome to Morgan Legal Group P.C., your trusted source for comprehensive information on Business Succession Planning in

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Making a Trust
Estate Planning

Making a Trust

What is a trust A trust is a legitimate game plan planned to guarantee an individual’s resources at last go to explicit recipients. The individual

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living will lawyer near me
Estate Planning

Living will lawyer near me

Living Will Lawyer A living will is a prison file that sets out the terms under which life-sustaining treatment must be administered. Administered to you

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What are the 3 types of trust
Estate Planning

What are the 3 types of trust

Trust Attorneys Near Me Living Trusts A living trust is a file it’s been efficaciously used to transfer assets out of an individual’s estate. Also,

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Probate Buffalo, NY
Estate Planning

Probate Buffalo, NY

If you die with or without a will, your estate will go through a process called probate. The probate process is a very stressful, expensive

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Estate planning remains one of the frequently misinterpreted term throughout the world, although it is being widely encouraged and practiced in some part of the world although it remains foreign to most people due to these misconceptions. This article aims to clear these misconceptions and shed more light on the importance and benefits of estate planning.

Common Estate Planning Misconception

The following misconceptions can greatly affect estate owners who have no idea of how important and beneficial estate planning can be for them and their loved ones.

  • An estate plan covers only property and belngngs: An estate plan isn’t just about assets or property. It also deals with personal matters. This a misconception that hinders utmost benefits of having an estate plan.

In the event of incapacity, an estate plan includes directives in dcuments such as medical power of attorney otherwise known as health proxy, which enables a trusted appointee makes decision when you are incapable of doing such. In addition, if you have young children, an estate plan enables you to appoint a guardian for their care and managing of their inheritance following your death.

  • It is too early to plan my estate: estate plannng can never be to early as far as you are above 18 years of age but, it can be too late and no one can make an estate plan on your behalf after you die. The best time to start planning your estate is now, hire an estate planning attorney to guide you every step of the way.
  • A will covers all of my wishes and it is cheaper to make on my own: A will appears to be a relatively easy to make document, that most times people try to cut cost by leaving out professional consultation of an Estate planning attorney. This doesn’t spell good if you are looking to get quality estate plan, as you are likely to spend more in the long run.

A will is most likely to undergo probate (a legal process to verify authenticity of a will)  this takes a lot of time and there are laws you might have missed out drafting your will by yourself, this might risk its authenticity and invariably prevent your last wishes from being honored.

  • Final documents complete my estate planning process: It’s never until it is over, and having established a plan in place is never enough. You need to always review your plan over time as estate laws are ever dynamic and you need to be in sync so as not to be left in the dust and have to forfeit your progress thus far.

Laws, circumstances and individual changes might occur over time. Thanks to the flexibility of estate planning, you can easily update your plan periodically with your estate planning attorney. As your life changes so should your estate plan adjust to effectively accommodate these changes.

  • Estate planning is for the rich: At some point in our lives, this must have popped up in our mind as to why a middle-class individual should plan an estate? or how big this individual’s house is and what not? These thoughts are driven by the fact you don’t know what an estate is. An estate is anything of value you possess and would want someone to be in possession of someday, from jewelries, to cars and houses etc. These items altogether make up your estate, and certainly anyone reading has something of value they want preserved and inherited someday. Everyone, from an average earner to a multimillionaire needs estate planning as it is a life planning process, that gets the best of present times to secure the future

Call our office today to hire the best Estate Planning Attorney In Buffalo, New York

Estate planning professional consultation and help is readily available to every individual and it is not for the wealthy or high income earners alone, as addressed in the above misconceptions.

That being said, you need not stress searching for the right attorney near you, as our firm offers the best estate planning attorneys in Buffalo, New York, kindly give us a call today, and get an effective estate plan.

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