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ILITs Unveiled: Estate Planning
Estate Planning

Why Is Everyone Talking About ILITs?

Why Is Everyone Talking About ILITs? In the evolving landscape of estate planning, Irrevocable Life Insurance Trusts (ILITs) have emerged as a buzz-worthy topic among

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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
Probate

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

Is trust better than inheritance?

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

Can I do my probate?

Can I Handle Probate on My Own in New York? Probate is the legal process of validating a will and administering the estate of a

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An Overview Of Elder Law In 2024
Estate Planning Law

An Overview Of Elder Law In 2024

An Overview of Elder Law in New York 2024 Elder Law is a specialized legal field that addresses the unique needs and challenges faced by

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How do I organize my estate documents?
Estate Planning

How do I organize my estate documents?

Organizing Your Estate Documents in New York Organizing your estate documents is a crucial aspect of responsible financial planning and ensuring that your wishes are

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What is a will?

Your will or last testament is a legal document in which you state clearly your wishes concerning how you want your assets to be distributed after you pass away. In a will, you can name and appoint an executor of your estate (the person to manage and distribute your estate on your behalf), a guardian (the person to look after you or your minor children when you get old or die as the case may be), and name a trustee in whose hands all your property will be transferred to. It is worthy of note that your will may be valid or invalid. It is the state laws which govern writing of wills, and it is also worthy of note that these laws vary from state to state. If your legal will New York does not comply to New York laws, then it will be declared invalid during probate (a legal process after your death).

Requirements for writing a will in New York

Any will written by a person below 18 is not acceptable as a valid will. You must also be proven to be of sound mental capacity, and you must have written the will out of your own free will and not under duress. Before you die, you may have reasons to write more than one wills due to change of heart, but in your last will there must be a clause stating that this is your last will and you are revoking any existing one.

It is a requirement that a valid legal will New York be signed in the presence of at least two persons of at least 18 years of age, and these persons show evidence by signing beneath your signature as witnesses. The will then be notarized by a lawyer who witnessed all who put their signatures. While the latter is not actually a requirement, it is recommended by the American Bar Association as it helps the will become “self proving” during probate. A self proving will needs not be proven or probated further, and will simply be taken as valid.

Types of Will

A legal will New York could either be printed, handwritten or oral. Of the lot, the printed will is the most common. However, in printed wills, the signatures must be handwritten. A handwritten will — also called a holographic will — must be written completely by the testator in order to be valid. Nevertheless, two disinterested parties would have to testify that the handwriting is the executor’s in order for such holographic will to be accepted by the probate court. Oral wills, also known as nuncupative wills, are only acceptable if the testator is/was a mariner at sea or with any of the Armed Forces during a time of war or any armed conflict. An oral legal will New York particularly require at least three witnesses who were present when the testator proclaimed his will.

Probating a legal will New York

Probate is a process where your will is validated and it is carried out in a surrogate’s court where the testator resided and/or owned estate during his lifetime. During this legal process, estate debts, taxes and other expenses are paid, and the estate is administered by distributing property among the beneficiaries so named in the will. The executor named in the will is tasked with the responsibility of initiating probate, and this he does by filing a petition of letters testamentary, along with the original last will and death certificate of the decedent. The letters testamentary are what authorizes him to conduct all that he’ll now he doing in order to settle the estate. It is his legal backing. He must then contact all involved parties such as the beneficiaries and surviving family members of the deceased, creditors and debtors of the estate, and a probate lawyer if he so wishes. Having a probate lawyer is recommended as they’ll guide the executor all through the complex and tedious probate process.

Dying without a will

When you fail to have a will before death occurs, or should your will be declared invalid due to inconsistencies with the state laws, your estate will be declared intestate and will hence be distributed according to state laws. The New York law states that the first $50,000 and half your property will go to your spouse, while the rest goes to your children. In cases where the deceased is childless, the spouse gets the entirety of the estate after estate taxes and debts have all been cleared. If you have neither spouse nor kids, your parents will be your beneficiaries if they are still alive but if not, then your siblings. In the absence of either, your estate goes to nephews and nieces. Should no relative be found, your entire estate becomes the property of New York.

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