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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
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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
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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

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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

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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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Estate Planning

Estate planning is important for everyone especially those who prioritize the financial security of their family and loved ones. An estate plan is a plan made to facilitate the distribution and management of your estate after your death or incapacitation. Such plans are usually made when one is alive and it is then implemented upon the death or incapacitation of the individual.

Anyone who dies without an estate plan will have his or her estate planned by the government of New York according to the interstate laws of the state. This process isn’t always straightforward.

Will

A well prepared estate plan isn’t fully complete without a will. This legal document is what holds crucial information regarding the beneficiaries, the assets of the deceased, the estate executor, etc. 

A will is that document that expresses your wishes regarding your estate. If you want your spouse to inherit your house after your death, state it in your will. A will also covers the burial arraignments of the deceased.

After the demise of the estate owner, his or her will undergoes probate. This process has to be completed for the assets of the deceased to be transferred to the designated beneficiaries.

Probate in New York

Probate process differs in each state in the US. For instance, the state of New York has its own probate laws that guides the probate process, so do other states.  In New York, and other cities, the assets of a deceased can’t be transferred to the designated beneficiaries until probate has been done.

Probate is usually carried out in a surrogate court with the attendance of a Judge and the estate executor who is to handle the probate process on behalf of the beneficiates.

Preventing probate after your demise

Probate can be a very expensive, difficult and complicated process which is why a competent lawyer anywhere will advise that you plan an estate that is free of this process.

Without probate, your assets cannot be transferred to the designated beneficiaries. Assets placed under a trust don’t usually undergo probate. If you need more information regarding how to create a trust, you can contact our probate attorney.

What can stall probate?

People fear probate, probably because the process can be quite complicated and long. After the death of an estate owner, it is the wish of the estate beneficiaries to receive their entitlement without having to wait for too long. The probate process can destroy this wish, though this depends on the following factors.

The estate executor you choose

An estate executor has many jobs but one of the primary duty of an estate executor is to supervise the probate process. This process comprises of several tasks that requires wisdom, understanding and professionalism. The duty to select an estate executor always falls on the owner of the estate. If peradventure you failed to select an estate executor in your will, or you don’t have a will, an estate administrator will be chosen by the probate court.

If you end up choosing an estate executor who lacks the professionalism to handle a process as intricate as the probate process, your assets may spend several months- or worse- years in probate. To prevent this from happening, ensure that you select the best person for this job. If you have the intention of selecting an attorney as your estate executor, you can contact our probate attorney 11412, New York.

Complicated estate properties

One thing that could prolong the probate process is the circumstances surrounding your estate properties. Generally, the probate process of a little estate needs some documents including an estate affidavit to transfer assets of the deceased to the designated beneficiaries.  States such as New York have limits and requirements for estate to be little for an easy probate process. Estate plans like this requires little assets. But, estates with several houses, joint family business, offshore accounts, several bank accounts, etc., will drag the probate process. Such estate require a thorough probate process to ensure that errors aren’t made and only the designated beneficiaries receives the right share of the deceased’s estate.

If you or your family need the assistance of a probate attorney, you can contact our probate attorney closest to you for advice and assistance.

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