FEATURES & NEWS

How to Protect Your Assets
Estate Planning Law

How to Protect Your Assets in New York

In today’s economic climate, protecting your assets is not just about saving money—it’s about strategic planning to ensure financial stability and security for the future.

Read More »
All About Revocable Trust in New York
Estate Planning

Revocable Trust New York

All About Revocable Trusts in New York To ensure your assets are managed and distributed according to your wishes, estate planning is essential. One of

Read More »
Probate is the process of validating a will in a court of law, and settling all financial and estate affairs of a deceased person after their death.
Estate Planning

Probate New York Attorneys

Probate New York Attorneys Probate can be one of the most complex and stressful aspects of estate administration. It involves the legal process of validating

Read More »
Estate Planning as a DIY Challenge - Morgan Legal Group
Estate Planning

Estate planning as a DIY challenge

Estate Planning as a DIY Challenge In an era where information is more accessible than ever, many individuals feel empowered to take on challenges that

Read More »
Experienced Probate Property Attorney in New York - Morgan Legal Group
Estate Planning

Probate property attorney

Understanding the Role of a Probate Property Attorney in New York The probate process is a legal procedure that occurs after someone passes away, involving

Read More »
Major Reasons for Guardianship in New York
Estate Planning

Major reasons for guardianship

Major Reasons for Guardianship in New York Guardianship is a legal process in which a court appoints an individual, known as a guardian, to make

Read More »
Will an Attorney in New York
Estate Planning

Will Attorney New York

Will an Attorney in New York: Protecting Your Future Creating a will is one of the most important steps to plan for your future and

Read More »
Guardianship in New York
Estate Planning

Guardianship in New York

Guardianship in New York: Understanding the Process and Importance In New York, the guardianship process is a legal mechanism designed to protect those who are

Read More »
Understanding the Probate Process in New York
Estate Planning

Probate New York Lawyer

The Probate Process in New York: A Comprehensive Guide The probate process is often a challenging time for families as they cope with the loss

Read More »
Comprehensive Medicaid Trust Planning in New York
Estate Planning

Medicaid Trust New York

Probate Lawyers in NYC: Guiding You Through the Probate Process The probate process can be complex and overwhelming, particularly during a time of grief. At

Read More »
Experienced Probate Lawyers in NYC
Estate Planning

Probate Lawyers NYC

Probate Lawyers in NYC: Guiding You Through the Probate Process The probate process can be complex and overwhelming, particularly during a time of grief. At

Read More »
Estate Planning

Probate Lawyers New York

Probate Lawyers in New York: Your Guide Through the Process At Morgan Legal Group, we understand the complexities and emotional challenges of managing the estate

Read More »
Estate Planning

Estate Planning and Probate

Estate Planning and Probate At Morgan Legal Group, based in New York City, we specialize in estate planning, probate, guardianship, elder law, wills, and trusts.

Read More »
Estate Planning

Estate Planning and a Last Will

Estate Planning and a Last Will in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship,

Read More »
elder law

Importance of Elder Law Attorney

Importance of Elder Law Attorney in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

Read More »

Estate planning connotes the numerous installments made in present time to oversee the proper management and bequest of your estate after you die. It is an important line of action for every estate owner, as you want to make sure your loved ones, heirs to your assets are well taken care of. An estate plan is the only way to guarantee this.

Estate planning documents

An estate planning lawyer NY will help you prepare the following documents suitable for estate plan

  • Last will and testament: A last will and testament is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you are gone. You can decide to leave assets for anyone of your choice, including your spouse, parents, children, grandchildren, friends, charity, or even the government. However, your will must be written in the right terms to explicitly convey your directives
  • Living trust: A trust is a legal document that holds your assets and grant power to an individual of your choice known as a trustee to manage your estate for your eventual beneficiaries. Only a competent attorney can assist you in creating and executing a trust that would afford you the complete benefits of the trust. Trusts are always created to reduce taxes, safeguard assets from creditors, and preserve eligibility for government benefits. In place of a Will a living trust is advantageous as it doesn’t undergo probate.
  • Durable Power of attorney: this is a document that grants power to an individual preferably a professional with credibility to make financial decisions on your behalf should become incapacitated and unable to make them. This document fills the gap that come with the event of incapacitation and helps to serve your best interests even at this time.
  • Health proxy: similar to a durable power of attorney a health care proxy grants power to an individual of choice to make healthcare decisions for you when you are unable to decide due to incapacitation.

An estate planning lawyer NY will offer suitable documentation and due representation in the court of law. Should probate arise, he will prepare you and make sure to mitigate costs and complications.

FAQS:

1. What is probate?

Probate is a court process of verifying the authenticity of a last will and testament. It is usually a long and resource consuming process if you lack professional assistance from a probate lawyer.

2. Is probate compulsory?

You can only probate a will when the decedent died possessing assets worth $30,000 or more, excluding assets for which there are designated beneficiaries.

3. How long does probate proceeding take?

A probate process may take a few weeks depending on the schedule of the court. And it could take a longer time when there are complications.

Building a living trust will help you avoid this resource consuming process of probate. You only need to hire a Trust Estate Attorney Long Island to help you prepare this legal document for containing your assets.

Non-probate assets

Whether or not you have a will, the following assets will pass outside probate in Brooklyn:

  • Life insurance – You most likely already named a beneficiary in your life insurance policy, so it’s useless naming another beneficiary of this same asset in your will. It may ultimately lead to discrepancy.
  • Retirement accounts, such as 401(k) and IRAs – Also has a designated beneficiary
  • Transfer-on-death bank accounts – has a designated beneficiary who the funds must go directly to when the owner dies
  • Assets in a trust – assets kept in a trust will pass directly to the beneficiaries regardless of whether there is a will or not
  • Real property held by joint tenancy with rights of survivorship – The property will go directly to your joint owner when you pass away regardless of what the will says.

How a trust works

A trust is an empty legal entity at creation, it becomes a legal container when assets are transferred into it. This power to hold is activated by the trust creator known as the grantor who is also the estate owner. This document works operates on a distinguished asset-owner separation, where the trust becomes the asset owner and the grantor manages and modifies it during his lifetime, management can continue in his best interest for designated beneficiaries even after his death. This is possible as the document allows him to appoint a credible individual known as a trustee to manage these assets for the eventual beneficiaries.

Most Popular: