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Wills and Trusts
Wills and Trusts

WILLS AND TRUSTS

Wills and Trusts At Morgan Legal Group in New York City, our dedicated estate planning attorneys understand the importance of crafting clear, enforceable wills and

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Estate Planning Lawyer
Estate Planning

When Do I Need a Will?

When Do I Need a Will? Our Estate Planning Lawyer Weighs In Understanding when to create a will is crucial for effective estate planning. At

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Writing a will does not appear to be that of a tedious activity, it is not estate planning as a whole; rather it is one of the processes involved in planning your estate. Estate planning is very broad and attempting to do it yourself might risk the future of your estate and loved ones, certain no one wants this. Hence, estate planning is not advisably a DIY activity, it’s best suited for estate planning lawyer. Hire one today and ensure your future is safely handled and preserved.

If you find yourself in one or more of the following situations, you are safer with the assistance of an estate planning attorney:

  • You intend to leave your estate to two or more persons
  • Your estate exceeds $2 million, and you do not wish for a huge chunk of that to go to your the state
  • You intend to exclude default heirs from your will (e.g. your spouse or child) who assets should typically have gone to
  • You have children less than 18 (these ones cannot inherit by New York law)
  • You plan to leave your real estate in trust with your spouse until their death, after which the estate can then go to your children
  • You are a joint owner of a business and do not know precisely how your share will pass at your death
  • You have a child will special needs and wish to get guardianship for them
  • You wish to prepare a trust in addition to your will, probably because of probate avoidance
  • You are worried about the amount of tax your inheritors would be subject to, and you wish to minimize them
  • You have asset in New York and in other states.
  • You have questions about how estate planning should be done, and you seek professional advice

Bottom line

As we have said, you may competently draft your will yourself if your estate is simple. However, you would want to ensure you’re using the right terms recognized legally as saying exactly what you mean. You could mean a thing, but use the wrong words in your will. In the end, your will would be saying something contrary to what you meant, and confusion will arise.

Important estate documents for your estate plan

Last Will

A last will and testament is a document expressing your last wishes. In this document, you lay down instructions on how you want your estate disbursed when you die.

Trust

When you use a will, your beneficiaries will wait a long time until probate concludes before they can inherit your estate. To avoid the wait, we can fund your assets into a living trust instead. Assets held in a trust will pass to your beneficiary directly, and immediately you pass away without being probated in court.

Power of attorney

A New York power of attorney (POA) addresses the possibility of incapacity. In this document, you appoint someone—known as your attorney-in-fact—to make decisions and act on your behalf. They will only act according to the instructions you laid down in your document, and their authority is limited to the kind of POA you executed. It could be that you authorize them to manage your financial, personal, or medical affairs, or all of the above.

Living will

Legally known as the New York instruction directive, this document allows you lay out your terms for end-of-life treatment in a case where the quality of life can no longer be extended.  You can instruct that you should not be kept on life support, and your wishes will be honored when the time comes.

Why should you hire an estate planning attorney?

Estate planning is a tedious and technical process best suited for an estate planning attorney. Nobody except maybe a probate attorney wants to go through the difficult process of probate which is done to check the authenticity of a will. A professional estate planning attorney will help you create which is the best and advisable way to avoid probate, additionally peradventure your estate is bound to undergo probate, the estate planning attorney can and will help you and your loved ones prepare.

Contact us

Talk to our experienced estate planning attorney in Buffalo New York. Embark on a smooth estate planning journey today, and be sure to get quality and a hundred percent professional assistance.

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