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Can the President Remove the Fed Chair? Legal Perspectives
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Can the President Remove the Fed Chair?

Understanding Presidential Powers Over the Federal Reserve With growing discussions around the President’s influence over the Federal Reserve, the question of whether a sitting president

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Legal Insight on YouTube Allegations
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Legal Insight on YouTube Allegations

Cancel Culture: Legal Insight on Rosanna Pansino’s FBI Report Against MrBeast In the rapidly evolving social media landscape, allegations and accusations can surface quickly, often

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Understanding Wills and Trusts in New York
Estate Planning

Wills and Trusts New York

Understanding Wills and Trusts in New York Wills and trusts are essential tools for estate planning in New York. Each serves distinct purposes and offers

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What is Elder Law in New York 2024?
elder law

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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.

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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

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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.

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Different Types of Wills in New York
Estate Planning

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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

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What does it mean to plan an estate?

Though popular, several people don’t know what it means to plan an estate. Estate planning is more than drafting a will. Plans made to ensure that your assets are well managed, you debts and due taxes are paid, and your properties are transferred to the right beneficiaries can be regarded as an estate plan.

This plan is often done when the estate owner is alive and it comes into effect upon his or her death or incapacitation. There exist several misconceptions surrounding estate planning.  Aside from the misconception that an estate plan is all about drafting a will, some people believe that an estate plan only comes into effect upon the death of the estate owner. This is not true. Individuals can create an estate plan that takes care of their healthcare, finances, etc., when incapacitated. Incapacitation can be as a result of an accident, old age, sickness like dementia.

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.

Who is an 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.

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