Vivid details of what estate planning entails

Vivid details of what estate planning entails.

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Anyone who is above the age of 18 is eligible to plan his or her estate. To plan your estate, you must be aware of what is involved. Of course, you can easily contact an estate planning attorney in New York for assistance, but it is crucial you have little knowledge regarding what this plan entail. Estate preparation involves setting up plans that indicates how your assets are to be shared and managed upon your death or incapacitation. An estate plan is mainly created to protect your family and the individuals you care about. You can as well plan an estate that cater for charities and other non-profitable social organizations.

Any misconception on estate plan?

There exist this common misconception that an estate plan is all about drafting a will. Of course, a will may be a significant aspect of this plan, but in general the plan involves a whole lot of processes, and writing a will, may be the simplest of them. A good estate plan can assist you in attaining your goals and aims, with a holistic approach that comes with business, tax, including medical planning.

The creation of an estate plan involves taking your needs and goals into account. Such needs and goals differ for each person. The primary reason for the estate planning process is to ensure that the estate of the deceased is distributed according to the decedent’s wishes and that the probate process goes on smoothly. Estate planning also helps in increasing the value of one’s asset via effective tax planning and other financial tools. Simply put, an estate plan is done in preparation of your future needs including that of your family and those you love.

Estate Planning in New York

Each State has its law that governs the estate planning process. In New York, the estate planning process is almost identical to how it is done in other states. If peradventure you fail to plan your estate while alive and you eventually kick the bucket, your assets will be shared and distributed based on the intestate law of New York. This simply denotes that, you won’t have a say on how your assets should be shared. The process however can get messy. It can result in misunderstanding between close family member and friends which could lead to damaged relationships. I bet you would definitely want to avoid this.

Complex family situations calls for estate planning experts

Consider the following situations; you just divorced or are in the second or third marriage, you have a minor or older relative that is disabled, you have wayward kids or you want to leave some of your estate properties to charity, you have business in several names, you have estate in different states, you have a deceased spouse or relative, you have estate that are subject to both federal and state taxes. If you belong to anyone of these mentioned cases, you need to plan your estate with an estate planning attorney. 

You need estate planning attorney if you have very complex family situations. It would be out of place to just jump into planning your estate without eliminating family issues that can affect the validity and implementation of such plan.

estate planning without pitting into consideration complex family situation would end up in probate. A very long and exhausting probate process for your family or beneficiary. Seek the counsel of an estate planning attorney near you today.

Don’t fall into the estate planning myth that say you don’t need an estate plan or you should wait till a later time.

Contact us today.  

When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state.  

If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.

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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