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Can the President Remove the Fed Chair? Legal Perspectives
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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

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Legal Insight on YouTube Allegations
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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

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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

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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.

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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

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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.

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Different Types of Wills in New York
Estate Planning

Different Types of Wills in New York

Understanding Different Types of Wills in New York Wills are critical estate planning documents that allow individuals to express how they want their assets distributed

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Common Probate Issues In New York
Estate Planning

Common Probate Issues In New York

Common Probate Issues Probate is a legal process that occurs after an individual passes away, involving the distribution of their assets according to their will,

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Estate Planning Tips in New York - Morgan Legal Group
Estate Planning

Estate Planning Tips:

Estate Planning Tips in New York Estate planning is a vital process for ensuring that your assets are protected, your healthcare decisions are respected, and

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Guardianship Attorney in NYC
Guardianship

Guardianship Attorney

Guardianship Attorney in NYC In New York City, the need for guardianship arises when an individual can no longer make decisions for themselves due to

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What Is Estate Planning?

Many people are yet to understand what estate planning really is. Some individuals believe that planning an estate is all about drafting a will, while other believe that estate plans should be made at an old age. The truth is that, estate planning is more than writing wills and waiting till you start growing grey hair before you plan your estate is a bad idea because you don’t know when you’ll die.

Estate planning are plans made by an estate owner regarding the management and distribution of his assets when he dies or become incapacitated. The plans may involve his burial arrangements when he dies. Also, for those who become incapacitated to make certain health and financial decisions, an estate plan can cover that.

By creating an estate plan, you are directly planning for your future, the future of your spouse, and those you love. Your family may end up suffering if you decide not to plan your estate while alive. Estate planning also offers you the opportunity to express your wish towards the distribution and the management of all that you own (your assets).

Why should you plan your Estate?

There are several reasons why you should plan your estate. An estate plan offers you the opportunity to dictate how you want your assets to be shared among your family and friends. If you fail to plan your estate and you die, your family, loved ones, and those you love will end up fighting for what they feel they are entitled to. This could get messy and it could end up damaging several relationship. I am quite sure this is something you wouldn’t want to happen.

If you die without planning your estate, who will inherit the things you own? Well, your assets wouldn’t lie fallow when you die without planning your estate, neither will it be shared or managed as you want it to be ( remember you didn’t plan your estate), rather , all that you left behind will be shared and managed based on the intestate law of the state you reside in. This process can be messy, it is often time-consuming, stressful and very expensive as lots of court payments are made and those you left behind will also have to hire a good lawyer to represent them in court.

Will

A will is a very common term. We often hear the word “will”, but do you really know what a will is? Well, a will is a legal document that contains some important information regarding your asset. In a will, you have to state the name of your estate executor, your assets and who you want to inherit it, including how you wish to be buried.

Your asset will be distributed based on your will but before this happens, the validity of the will needs to be determined via the probate process.

Probate Explained

The probate process can be difficult and stressful which is why a wise probate lawyer will advise that you plan an estate that avoids this tedious process.  After your demise, your assets can’t be sold nor distributed until after the probate process. This process is done for several reasons, one of which is to determine the authenticity of your will.

The probate process is also done to appraise your properties, settle all due taxes and unpaid debts, locate all your assets home and abroad, etc. Normally, the probate process can take as long as a few months to a year. If there exist some complications with your estate, the process can take years.

You can avoid the probate process by creating a trust. A trust is simply a legal media created by an estate owner and used to transfer assets to a trustee who then keeps them in a trust fund for a third party who is regarded as a beneficiary.

Probate Attorney New York

If you reside in New York and you need the assistance of a probate attorney to either assist with your estate plan or probate process, you can contact us.  We have the best probate attorneys and they are capable of providing you with the best help and advice you need.

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