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Wills and Trusts
Wills and Trusts

WILLS AND TRUSTS

Wills and Trusts At Morgan Legal Group in New York City, our dedicated estate planning attorneys understand the importance of crafting clear, enforceable wills and

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Estate Planning Lawyer
Estate Planning

When Do I Need a Will?

When Do I Need a Will? Our Estate Planning Lawyer Weighs In Understanding when to create a will is crucial for effective estate planning. At

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Contact our New York based law firm to get in touch with a Wills and trusts attorney near you 10005. Each Wills and Trusts Attorney at our law firm understands the critical nature of estate planning and will do all that’s required to give you a well-rounded plan.

Your best interests and peace of mind matter to us. Let us help you get that peace of mind that comes with assurance for the future.

Why you need to consult an attorney now for your wills, trusts, and estate

When it comes to estate planning, there is so much to consider.

  • How do you ensure your loved ones get precisely what you want for them?
  • Who handles your business and estate on your behalf when you become unable to run things yourself?
  • How do you prevent your estate from getting eaten up by taxes?
  • How would you know if you have addressed all the assets you own?
  • Should you use a will or trust to pass your real property?

The list goes on. For an average person, these questions are a bother. You may find it hard to address these things in your estate plan because you do not understand how estate laws work. Trying to read through all the legal requirements and estate provisions of New York may become a hassle especially when you have other things to do. But it may prove very costly later if you get one thing wrong or fail to address something in your estate plan.

And that’s why it’s best to consult an estate planning attorney for assistance with your wills, trusts, and other estate planning documents now. Getting it right from the scratch is far better and cheaper than making corrections later. In fact, those corrections may no longer be possible when you are no more and the inheritance process becomes so much of a hassle for your loved ones because you didn’t put adequate plans in place.

·        Living trust and probate minimization

While every will is subject to probate, a complex and expensive court process that takes place after you pass away, a living trust avoids this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.

Since living trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning attorney near you.

 ·        Tax savings

In NY, if the estimated value of your entire possession (your estate) exceeds $5.93 million at the time of your death, an amount known as estate tax must be paid to the state of New York. But through proper planning, an estate attorney 10005 can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.

·        Guardianship designation

If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until they come of age to inherit.

If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.

·        Planning towards retirement and incapacity

Although it’s sad to think about, one may become incapacitated and unable to run their affairs when they get old. It’s best to have a trusted and competent representative who will manage your estate and personal affairs to your best interests. And you can plan for that now that you’re competent.

By establishing a document known as power of attorney, an estate planning attorney New York can help you appoint a competent agent to manage your affairs when you become unable to manage them yourself. The agent may make financial or healthcare decisions for you as you authorize in the document.

Get help from an estate planning attorney NY

There is peace of mind that comes with knowing your affairs would be in the best hand when something happens to you, and that you could still provide for those who depend on you when you’re gone. You get this peace of mind when you put the right plans in place.

To ensure you get your estate plan right, contact us for a consultation with a seasoned wills, trusts and estates attorney in NY 10005.

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