FEATURES & NEWS

Estate Planning

Estate Planning for Minors

Estate Planning for Minors in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law,

Read More »
Estate planning at different ages
Estate Planning

Estate planning at different ages

Estate Planning at Different Ages At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills, and

Read More »
Probate litigation
PRACTICES

Probate litigation

Probate Litigation: New York Probate Lawyer Dealing with the loss of a loved one is challenging enough without the added stress of handling their estate.

Read More »
Inheritance Dispute
PRACTICES

Inheritance Disputes

Inheritance Dispute Lawyer in New York Inheritance disputes can be highly complex and emotionally charged, particularly when family members are involved. If a loved one

Read More »
Will contest
PRACTICES

Will Contest

Will Contest Lawyer in New York Challenging the validity of a will can be a complex and emotional process. At Morgan Legal Group, located in

Read More »
Guardianship Proceedings
PRACTICES

Guardianship Proceedings

New York Guardianship Proceedings Guardianship proceedings are crucial in protecting the rights and assets of incapacitated individuals. In many cases, an incapacitated person may fall

Read More »
PRACTICES

Accounting

Navigating Estate Litigation and Trust Administration in New York Estate and trust administration issues can be complex, especially when dealing with asset accounting and managing

Read More »
Estate Litigation Law
PRACTICES

Estate Litigation Law

Expert Estate Litigation in New York with Morgan Legal Group Estate litigation involves numerous challenges, particularly when you’re coping with the loss of a loved

Read More »
Trust Reformation
PRACTICES

Trust Reformation

New York Trust Reformation Lawyer Trust reformation is a complex process that involves modifying a trust to correct issues and ensure it aligns with the

Read More »
Spousal right of election lawyer New York
PRACTICES

Spousal Right of Election

Spousal Right of Election in New York Understanding the spousal right of election is crucial for protecting the inheritance rights of a surviving spouse. At

Read More »
Real Estate Partition Action
PRACTICES

Real Estate Partition Action

Real Estate Partition Action Real estate partition actions can be complex and emotionally charged, particularly when multiple parties own property and cannot agree on its

Read More »
Protection of Beneficiary Rights
PRACTICES

Protection of Beneficiary Rights

Protection of Beneficiary Rights Ensuring the rights of beneficiaries is a critical aspect of estate planning and administration. At Morgan Legal Group, located in New

Read More »
Fraudulent Transfer Attorney
PRACTICES

Fraudulent Transfers

Fraudulent Transfer Attorney in New York Cases involving fraudulent transfers and undue influence in estate law can be complex and emotionally charged. These situations often

Read More »
Contested Powers of Attorney
PRACTICES

Contested Powers of Attorney

Contested Powers of Attorney in New York A power of attorney (POA) is a crucial document that grants legal authority to another party (agent) to

Read More »
Estate Litigation
PRACTICES

Estate Litigation

Comprehensive Estate Litigation Services by Morgan Legal Group At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

Read More »
Real Estate Litigation
PRACTICES

Real Estate Litigation

Comprehensive Real Estate Litigation Services by Morgan Legal Group At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship,

Read More »
Fireworks laws NY
Estate Planning

Fireworks Laws

Understanding Fireworks Laws in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills,

Read More »
Family Law
PRACTICES

Family Law

Comprehensive Family Law Services at Morgan Legal Group At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

Read More »
Divorce Practice
PRACTICES

Divorce

Understanding Divorce in New York Divorce is the legal dissolution of a marriage by a court. In New York, divorce can be complex, involving various

Read More »
What is Credit Life Insurance in New York 2024?
Estate Planning

What is credit life insurance?

What is Credit Life Insurance in New York 2024? At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship,

Read More »
Life Insurance and Probate
Estate Planning

Life insurance and probate

Life Insurance and Probate: Understanding the Connection At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law,

Read More »
How to make good estate plans
Estate Planning

How to make good estate plans

How to Make Good Estate Plans in New York 2024 At Morgan Legal Group, located in New York City, we specialize in estate planning, probate,

Read More »
The Importance of Estate Planning in New York
Estate Planning

Importance of estate planning

The Importance of Estate Planning in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

Read More »

Estate planning is a method of properly organizing your estate so that things will run smoothly in the case of death or incapacitation. It isn’t a plan you can draft in one day neither is it a vacation plan in which you can go online and search for the best places to visit. Estate planning is a complex and time consuming process.

There are certain reasons why estate planning is very important not just for the wealthy; but everyone who has an asset to leave for their heir after they pass. It is a common believe that estate planning is only necessary for the wealthy class in the society who has chains of companies to leave behind after their death. But this is not in any way proper.  Some of the reasons for planning an estate could be for tax avoidance, preparation for incapacitation, inheritance, etc.

Estate planning is not a do–and–forget matter. It demands constant review and update. The circumstance as at the time of planning your estate might have change so there is need for an update to prevent your estate plan from being invalid when it is time for usage.

Various documentations are involved in planning an estate. If one of this document is absent, the estate plan might be flawed. This is another reason for a regular review and update of an estate plan as it will give you the chance to know if there are missing or wrongly filed documents. Such documents include; a will, a durable power of attorney, heath care proxy, trust, living will, etc.

Among these documents, there are very vital ones that should not be omitted from your estate plan and they should be done on time. Let’s talk about some of them.

Last Will and Testament

A will is a written legal document which conveys the testator’s intentions as to how their estate should be share among heirs. It also names the executor. Will comes first in this list to show how important it is in an estate plan. An estate plan without a will is as good as not planning. A will takes effect after the death of the testator.

The executor is named in a will. An executor is a person who the testator has granted legal rights to see to the distribution of his assets at his death. An executor could be a spouse, a friend, an attorney, etc. The testator’s choice of an executor is based on how much he trusts the person to properly follow his will.

There are various types of will; some are highly recognized in court while others are not recognized.

Testamentary will: This is the most recognized type of will. The intentions of the testator are written. Then the will is signed by the testator in the presence of mor6 than one witness.

Holographic will: This is also a written will but unlike the testamentary will it is signed in the absence of witnesses. This type of will is used in emergency situations.

Oral will: This is a very poor type of will and it is the least recognized in court. In this type of will, the testator verbalizes his wishes in the presence of witnesses and this does not involve writing or documentation of any form.

Financial power of attorney

Financial power of attorney is another document contained in an estate plan. It makes legal provision for a person (the second party) to over see the affairs of another person (the first party) in a case of incapacitation of the first party. A financial power of attorney makes decisions regarding the Pearson’s finance on his behalf.

Health care proxy

The health care attorney is given rights to make medical decisions for the person in the case of incapacitation and he is unable to make suc6 decisions. Thes6 decisions include what types of treatment will be administered, the extent to which they will be administered, etc.

In a situation where by your instructions and provisions does not cover your certain health condition, the health care proxy is expected to make decisions in your best interest.

For proper guidance and hire, our attorneys are just a call away.

Most Popular: