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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.

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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

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

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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,

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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

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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

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The probate attorney closest to you in New York would be able to guide you through all probate actions, and help you avoid the long phase of a probate. More so, the probate attorney would ensure exact and adequate implementation of the estate document as such you would not be denied as a rightful beneficiary of the estate or assets properties.

As probate involves authenticating a will, the process further include locating a assets named in the will, paying off deceased debts and taxes and then distributing the rest of the properties.

Steps involve in probate process.

  • Filing a probate petition to a probate court.

The first step to implementing the details of a will is initiating a probate proceeding in a probate court. The estate’s executor placed in charge by the deceased or anyone is in possession of the last will can perform this action. The court at this time would then determine whether the will is real and admissible to the court. Witnesses or estate lawyer who may have been involved in the creation of the document when the deceased was alive are asked questions to verify if indeed the will was created by the deceased. Signed affidavit and other documents makes this process a lot easier.

  • Appointing the executor of the will

The court on admitting the document as the signed will by the deceased would appoint an executor or administrator to oversee the probate process and settle or implementation procedures. Typically, the deceased would have named a preferred executor to oversee the estate. The individual could be probate or estate attorney, a surviving child or relative. The court does ahead and issue a document known as a letter of authority to the executor, signaling that they have they can act and take certain decision towards implementing the will.

Note: the executor or estate representative would usually act in manner that would have been pleasing to the deceased. Following the desires and wishes of the deceased as stated in the last will.

Sometimes bonds are signed by the beneficiaries and also the executor. Bonds are usually put in place, as insurance measures should the estate’s executor actions whether intentionally or unintentionally opposes the deceased wishes leading to loss of assets or financial loss.

  • Locating assets named by the deceased in the will.

Once an executor has been appointed, his first task would be to locate the assets named by the deceased in the last will. The deceased may have assets in states other than New York, even unknown to his families or children. It is the duty of the executor to locate each estate properties. Although, this might take some little detective work and lot of time, a probate attorney can help through the process. Furthermore documents relating of bank accounts, share and other financial, investment accounts to be given to named beneficiaries must be obtained.

  • Contacting creditor and paying off debts.

The executor must send out notification to the deceased creditors. This may involve publishing the death of the deceased or sending out texts to known creditors. This would help quickly settle any dents owed by the deceased. It is important to note that actions must be to settle any debt only within chosen periods after notifying the creditors.

Also, once the creditors have been paid, the executor would proceed to paying off other debts, such as medical bills, or cost incurred during the probate processes.

  • Filing tax returns

The tax return on the deceased estate must be calculated and recorded to determine if the estate is liable to estate taxes. This usually applies to the first nine months after the death of the deceased. Once determined, the executor proceeds to paying the taxes from funds obtained on the estate.

Note: the date of death value of the deceased assets must be obtained through either bank statements or appraisal and submitted to the court. Most state just like the New York require the executor of the estate to itemize all the decedent’s assets and properties along with the date of death values.

  • Distributing the assets properties.

It is important to note some of the estate might have been sold or used to raise funds to pay off debts, creditors, taxes and expenses incurred during probate. Thus, the probate attorney or executor proceeds to sharing the remaining estate.

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