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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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Who decides if probate is needed?
Estate Planning Law

Who decides if probate is needed?

Who Decides If Probate Is Needed in New York? The probate process plays a crucial role in estate administration, but not all estates require it.

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LGBTQ Divorce in New York
Family law

LGBTQ Divorce in New York 2024

LGBTQ Divorce in New York Divorce is a complex and emotional process for anyone, but for LGBTQ couples, it can come with its own set

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Elder Law in New York
elder law

Elder Law in New York 2024

Explore the latest updates and changes in Elder Law for 2024 in New York. As we enter 2024, it’s essential to stay informed about the

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Not Making A Will

More than half of Americans don’t have a Will, leaving there family’s responsible to take care of any left over debts but to also pay to decide with who gets the decedents estate and or any assets listed. A Will is also crucial when it comes to inheritance and deciding by your terms with who gets what. Doing so, you can also assign am executor. An executor is someone who follows through your final wishes. If you have children, this is very important in giving them a proper guardian.

Wills With No Trust

Without a trust, nobody can assist with overseeing installments towards your recipients and unable to have extra security towards your finances. Your recipients are listed as beneficiaries your sending the cash too including debts you actually owe. Making a trust to deal with every one of your resources is the best thing to do.

Not Getting A Power of Attorney

A power of attorney grants you access to healthcare you may need in the future. By doing so all you need to do is list your health conditions and any aid you need. This is defined as a health care proxy. Your own attorney can also manage all your assets. When it comes to making an estate plan, the whole deal is beneficial.

FAQ

  1. How Often Should I Update My Estate Plan?

Your estate plan should be looked over every 5 years or so but may need adjustments if you’re involved in marriage, bear any children or filed for divorce. This is due to legal laws within the state and now who’s involved.

2. Should you avoid probate?

There’s an understanding when wanting to avoid a probate and it’s due to waiting a year for courts approval or even having the courts approval rather than your own. Both these things can pile more fees on top of the file the more complicated things get through many disagreements. It is necessary to use the probate because if you’re looking through the file rather than an attorney, you will be prone to mistakes and more fees that the attorney could of spotted. Upcoming mistakes can also cause the filing to be longer than it should. So you shouldn’t avoid any probates.

 3. What is a Testamentary trust? 

A testamentary trust is a a trust that is formed after a persons passing and is instructed or assigned according to the last Will. It is also considered a third-party if it is someone assigned as a trustee rather a family member. Then that person would have the right to move the assets around.

4. Why do I need an attorney to write a Will?

An attorney is necessary to prevent future mistakes that the attorney him or herself is more aware of. Needs in your Will may be to vague to approve in court and that’s only one of many examples of when that can occur. The issue here is that any mistakes found in the Will has to go through a delayed probate process. Note, a probate can take up to a year and additional fees added upon these delays. So it’s crucial that you get an estate attorney to prevent further conflict.

5. Can I Create an Plan on My Own?

You are free to create your own plan but doing so would have you leave any important details and is a good chance that will happen because of certain law terms you need to bring up. So creating your own plan may be an invalid one.

6. Should my spouse and I file a joint tax return?

When filing a joint tax return you have an easier time with filing taxes and you have a deduction of fees included. With separate accounts you and your spouse would have to do your own paperwork. With a joint tax return things would be much easier and you can save money.

7. How long does probate take in New York?

If you have an uncomplicated Will with every statement clear and destination of all assets addressed then the process can take between 3 to 6 months. Though so,e cases can be complicated when it comes to disagreements in the Will or any updates that needs to be changed. This process can take up to years depending on how long the modification and needs take.

8. What happens when someone dies without a will in New York?

Without a Will, your family would have to discuss with who gets what assets and with other beneficiaries involved can make this case more expensive. A will is very important to make things organized and give less strain to everyone within the family.

9. Can I work part time and collect unemployment in New York?

Yes you can! You would have to work 30 hours or fewer and make at least less than $504.

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