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Estate Planning
Estate Planning

The Top Secrets of Estate Accountings

The Top Secrets of NY Estate Accountings 2024 As we move into 2024, estate accounting in New York continues evolving, presenting challenges and opportunities. Understanding

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Will
Estate Planning

Is My Will Legit?

Is My Will Legit? Ensuring Your Will’s Legitimacy in New York Creating a will is a fundamental component of estate planning, but the looming question

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Probate
Estate Planning

The Mysteries of Probate Revealed

The Mysteries of Probate Revealed in New York The probate process in New York often seems shrouded in mystery, leaving many to navigate its complexities

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What is Probate in 2024
Estate Planning

What is Probate in 2024?

As the legal landscape continues to evolve, understanding the probate process in New York in 2024 is crucial for effectively managing estate planning and administration.

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Probate Lawyer Queens
Estate Planning

Probate Lawyer Queens

Why You Need a Probate Lawyer in Queens Probate can be complex and daunting, especially in the diverse and dynamic borough of Queens, New York.

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Estate Planning Attorney Brooklyn
Estate Planning

How Does Joint Ownership Work?

How Does Joint Ownership Work? Joint ownership, a common arrangement for co-owning property and assets, offers various benefits and complexities, particularly under New York State

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Estate Planning in New York
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: Navigating Changes and Protecting Your Legacy As we approach 2024, the estate planning landscape in New York continues to

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will attorney
Estate Planning

Why do You Need A Will?

Why Do You Need A Will ASAP? The thought of drafting a will often brings a sense of unease, conjuring notions of morbidity or the

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GET AN ESTATE PLAN NOW

After close to two years people have been dying through the COVID-19 virus with other variants and it should be the time to make an Estate plan right away due to people’s lives being more unbearable due to the debts that need to be paid for even after someone’s death. An Estate plan is basically a Will but with certain things that can be a plus towards your families. With an Estate plan you’re planning ahead by scheduling transfer funds towards creditors and other organizations who still expect payment from you. Then instead of going through court battles to decide who gets what from your assets you can just right down who your beneficiaries are. You can pass down to any beneficiaries from monthly to yearly payments. You can also assign a guardian for your child and ask for healthcare early in case anything tragic does happen. A full proof estate plan can guarantee your safety of not only what you own but your family’s living situation against extra payments and the virus. It’s also important that a lawyer helps you go through the whole planning process to undergo a good court experience and the feeling of safety.

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.  When should I make an advance directive?

The best time to make an advance directive is before you need one. In other words, before you become too sick to make your own decisions about what medical care you want to get or refuse.

7. 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.

8. 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.

9. 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.

10. 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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