FEATURES & NEWS

What is Elder Law in New York 2024?
elder law

WHAT IS ELDER LAW?

Understanding Elder Law in New York 2024 As individuals age, their legal needs evolve, requiring specialized expertise in areas affecting their health, assets, and legacy.

Read More »
All About Trusts and Wills in New York
Estate Planning

All About Trusts and Wills in New York

Understanding Trusts and Wills in New York: Essential Tools for Estate Planning Planning for the future requires careful attention to detail, especially when it involves

Read More »
Attorney for Wills and Trusts
Estate Planning

Attorney for Wills and Trusts

Discover expert guidance for Wills and Trusts in New York. Morgan Legal Group provides personalized estate planning for peace of mind.

Read More »
Different Types of Wills in New York
Estate Planning

Different Types of Wills in New York

Understanding Different Types of Wills in New York Wills are critical estate planning documents that allow individuals to express how they want their assets distributed

Read More »
Common Probate Issues In New York
Estate Planning

Common Probate Issues In New York

Common Probate Issues Probate is a legal process that occurs after an individual passes away, involving the distribution of their assets according to their will,

Read More »
Estate Planning Tips in New York - Morgan Legal Group
Estate Planning

Estate Planning Tips:

Estate Planning Tips in New York Estate planning is a vital process for ensuring that your assets are protected, your healthcare decisions are respected, and

Read More »
Guardianship Attorney in NYC
Guardianship

Guardianship Attorney

Guardianship Attorney in NYC In New York City, the need for guardianship arises when an individual can no longer make decisions for themselves due to

Read More »

Estate meaning

Before we consider what an estate plan is, it is important that we all understand what an estate is. What is an estate? An estate is simply your net worth at any point in time. Or an estate can be regarded as all the money an assets you own, especially after your death.

Have you ever thought about what would happen to your assets when you die? What happens to your houses? Your cars? Those cash in your multiple accounts? That ancient and valuable painting you cherish? That family treasure you own that has been passed down through several generations?  If your notion is that after your death your assets will be passed down to your spouse, first child, sibling, etc., just like that, you are totally wrong. Due process will have to be followed and to ensure that you have a say in this process, you need to plan your estate

Elements of an estate plan

There are a few elements of an estate plan but we’ll be looking at one of the most important of them.

A will

Here is one of the most important elements of this plan. A will is a document that holds crucial information regarding your estate. Though important, a will is just a cog in a wheel as far as estate planning is concerned.

In this document, you are to state the names of the persons who you wish to transfer your properties to. For instance, if your wish is for your younger brother to inherit your car, you are to state it in this document. In this document, you are to list your assets, and how you want them to be distributed and managed.

A will also contains the name of your estate executor and information regarding your burial arrangements. If you want to be buried in a certain location, if you want to be cremated, you are to state it in this document.

Estate executor

An estate executor, also regarded as an estate administrator, is chosen by an estate owner to ensure that his or her wishes is honored. This individual has lots of duties. It is the duty of the estate owner to ensure that all unpaid taxes and due debts are paid. If such debts and due taxes weren’t stated in the will, it is the duty of this individual to locate them and do the needful. This can be done alone or with the assistance of an estate planning attorney.

An estate executor must be approved by the court before he or she can begin the assigned tasks. If you don’t have a will or you failed to choose an estate executor, the court will choose one for you. Selection is not done at random. The selected individual is usually someone close to the family.

During the probate process, the estate executor is the one who will appear and speak on behalf of the estate owner. It is also the duty of this individual to tender the deceased’s will to the surrogate court in New York.

Estate planning Attorney

Due to the nature of an estate plan, and how complicated it can be, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.

Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner, an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.

Most Popular: