The Impact of Coronavirus Asset Protection in NY

The Impact of Coronavirus Asset Protection in NY

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The surge in coronavirus cases has prompted a surge in asset protection.  About this, a survey performed by Morgan legal group an estate planning law firm and it revealed that 40% of individuals between 20 to 30 years are worried about the security of their property and are thinking of a way to secure, is due to the coronavirus pandemic.  Furthermore, 25% of the same age group have taken a step in securing their property since they were victims of the virus or have come across relatives and friends who have been diagnosed with the virus.

Estate lawyers in New York are always busy since the surge in the number of coronavirus cases, as their clients started having major concerns about their health and their ability to handle their affairs and capacity to deal with certain financial approaches in property protection.

Why ensure that your property is secure?

Amid the coronavirus pandemic, you should be thinking of what will happen if you are infected with the virus.  Considering the prevalence of the coronavirus all over the globe you should be worried about the safety of your property and ensure you’ve drafted the necessary documents to secure your property.  This will ensure are catered for just in case unexpected events happen.

Most people wrongly think they have to have a lot of property to secure them, or that their funds and assets would be automatically be inherited by their heirs.  Both of these assumptions are incorrect.  It’s critical to gather information and make plans to safeguard individuals you care about while also ensuring that you have control over your belongings and money distributed.

In case, you die before securing your assets, the state drafts a will on your behalf based on the intestacy laws of New York.  To ensure that that the right persons inherit your property you should ensure that your assets are protected by drafting an estate plan.  By doing this you ensure that your wishes are honored while you are still alive and after your death.  To do this you have to hire an experienced estate lawyer to help you.

You aren’t too young to make decisions.  We all want to live a long healthy life, however, there is always a possibility we won’t.  If you die without properly securing your estate the people you care about will go through a tough time to gain control of your assets or even end up losing your estate.  It is advised that you should draft an estate plan regardless of your age.

Decisions should be made based on the most recent circumstances while making your estate plan.  If your circumstances change over time, the estate plan should be revised to reflect the new information you want to be incorporated into it.

The importance of estate planning amid the coronavirus pandemic.

With the coronavirus pandemic, it’s fair to say we’ve entered a new era of uncertainty.  According to the research conducted by Morgan legal group, the pandemic has led to a rise in demand for estate planning services even among the younger population.  Nobody wants to get sick or get infected with a virus that could kill them.  However, there is something that can be done to alleviate stress and have greater control over your future.  In case you become incompetent or unable to make crucial decisions by yourself, an estate plan might help you designate who will make decisions regarding your medical affairs, investments, and, perhaps, the distribution of your estate if you become incapable or unable to do so.  Regardless of your age, you need to ensure your property is secure.

More than merely drafting a last will you to ensure you’ve covered all the loopholes. This includes what will happen in case you are incapacitated due to coronavirus or any other condition.

Morgan legal offers you estate planning attorneys that can put together a plan to ensure that your intentions are done. Several legal documents can be used to accomplish this, the most effective of which are health care and financial POA.

Securing your property puts an end to uncertainty  

In the event of unexpected incapacitation or death, a drafted and legally acceptable estate plan eases the burden on all parties involved. Our expert estate attorneys can build a plan for your individual needs and aspirations using a variety of ways.

Frequently Asked Questions

1.     How has the coronavirus pandemic prompted a surge in the demand for estate planning?

With the uncertainties surrounding the coronavirus pandemic, many people have opted for asset protection this ensures the people they care about are safe no matter what.

2.      Should I also protect my assets?

You should ensure what you own is secure not just because of the coronavirus pandemic but also because the life we live is full of uncertainties.

3.     What is an important aspect in estate planning amid the coronavirus pandemic?

A health POA is an important aspect of estate planning in the wake of the coronavirus pandemic as it will ensure that you will have someone to make your medical decisions, in any event, you are infected with coronavirus and you are unable to make decisions regarding your health.

4.     How is property protection crucial?

This ensures no matter the turn of events you are not going to lose your property. 

  • I am still in my 20’s is estate planning necessary at this age?

Your age doesn’t matter when it comes to estate planning, as long as you have any assets you should consider planning your estate to ensure that the estate is protected.

6.     Is the estate plan supposed to be revised?

You revise your plan concerning the changes that take place in your life to ensure that you include the new changes in the plan.

7.     How does estate planning impact ones’ life?

It ensures the safety of ones’ assets.

8.     Why should I hire an estate attorney?

Estate attorneys have got the needed expertise to create an estate plan, you need them to ensure that all the documentation needed is included in the plan.  They also ensure that your estate plan is legally accepted in your state.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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