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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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Statistics are now showing that many families are in a nightmare scenario as they are undergoing a divorce. Actively, and they still are caged up in the same houses.

The quarantine period has seen even happy homes being tested. Some have tried marriage counseling but unluckily failed in salvaging their marriages. In most states, many court sessions are now on matters of divorce and probate after the death of loved ones or even challenging a living will. It is needless to say that the very fabric of society is being shaken. Because of all these uncertainties, it will be better to start your estate plan preparations in advance, when it is still possible and necessary.

        Preparing a will during quarantine.

The onset of the deadly CORONA VIRUS disease has reminded us all about how fragile life is. In respect to this, the elderly citizens, as well as the young, have started drafting their wills.  Most people are now aware of the fact that if they die without having drafted a will, their properties may end up landing in the wrong hands, and their would-be beneficiaries are left with nothing.

During the writing process, it is important that you see to it that the will is enforceable and valid, according to the state’s laws. In case your will does not conform to your state’s specifications, your loved ones may not be obligated to honor your wishes. To make sure that such doesn’t happen, it is critical that you make use of estate planning attorneys to help you in preparing your living will so that it holds up in a court if it will come to that. It is important that you remember not to include any assets that you have designated to your beneficiaries already.

One essential step in the preparations of a will is proper witnessing. In preparing the will, one or two witnesses must be present.

        Estate planning during quarantine.

An estate plan will let you put in place an authority for action in case you are incapacitated or you pass away, as well as how you desire your assets to be distributed. For you to make an enforceable estate plan, it is important that you see to it that your assets are titled to protect your loved ones aren’t stuck in costly and frustrating probate proceedings once you die.

During your estate planning, it is important that you make sure that these steps are adhered to.

  1. Contact your estate planner for free consultations. We offer free consultations to our estate planning clientele. Reach us and book your appointment as soon as possible with our proficient and industrious team.
  2. Secondly, make sure that consultations work out an estate plan of your liking and preference. To make this happen, you should communicate your wishes to your estate planner and let them know of your preferences for the estate plan.
  3. Before you finalize your estate plan with your estate planning attorney, it is crucial that you receive and have a look at your estate plan draft for review. This will go a long way to ensure that the estate plan is free of any errors that may render it unenforceable and invalid.
  4. Once you have gone through your draft and are pleased with the contents of the plan, go ahead and sign the estate plan documentations. Once you are done with that, you can rest and have peace of mind in having put your estate plan into action.

FAQs.

What does it mean by having an estate plan?

An estate plan will let you put in place an authority for action in case you are incapacitated or you pass away, as well as how you desire your assets to be distributed.

How can one avoid probate?

While most people will set up trusts, others will appoint beneficiaries. Since probate laws contrast in each jurisdiction, your elder law attorney will help in informing you about the policies within their legal jurisdiction.

How beneficial is a will?

The will is a document that will allow the tour to pinpoint a person who will inherit your properties when you are deceased.

What happens to a will if it was not witnessed?

 One essential step in the preparations of a will is proper witnessing. In preparing the will, one or two witnesses must be present. Failure to do this will be rendered invalid and unenforceable.

  • Are our estate planning policies the same in all states? Probably not. Every state has instituted a different set of estate planning and will preparation laws for its citizens.

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