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The basic document while planning an estate is drafting a will that sets the guidelines for the distribution of your assets to your heirs in
A question that pops up inside every adult’s mind is, “Do I need an estate plan?” A study reported that more than 76% of adults in the US think that having a will is good but only 46% of adults have one. You can see a large number of people are still avoiding estate planning even though they know the benefits it brings. However, if you are confused about having an estate plan for yourself then we will try to explain why you need it. First of all, you need to forget the myth, “Estate planning is only for rich people” because it isn’t. We have seen a report which suggested that young people or the millennial’s are being attracted
With the evolution of technology, we all are living in a digital world with most of the works being done online. We have our business and personal data stored online. We are so much dependent on the online platforms that we ourselves don’t realize the value of the digital records and the loss that we would face if these assets are ever lost or become inaccessible. Thus, the digital assets have become an important kind of property that needs to be taken care of as well and must be included in our estate planning. If not done, your loved ones might face a lot of discomforts, unnecessary burden, and cost with the possibility of the estate lost. Estate Planning For
ESTATE PLANNING LAWYER IN BROOKLYN While we are young, healthy and happy – no one thinks about what will happen if we die. First of all,we are talking of course about real estate and property assets, and about who we would like to give the right to own and dispose of after our lives. Brooklyn Real Estate Planning Lawyer will advise you on future planning options regarding the effectiveness of your property. In this issue, only those who consider the advance appeal to a lawyer to be the affair of the rich are mistaken. Today it is an objective necessity. When planning today, we provide a safe tomorrow. If you have accumulations of money in your account or you are
One of the most common questions that people tend to have after the passing of a loved one is, do we need to probate the estate? We all know that the probate process begins when a will is submitted to the court regarding the payment of bills and taxes along with the transferring of the estate to the beneficiaries and the heirs. Well, with the probating of a New York will, the heirs and beneficiaries will be able to ensure that they have the legal right to the property of the deceased as mentioned in the last will and testament that that was created by the deceased. In a city like New York, there are some things that people need
We spend our lives accumulating wealth and fulfilling the wishes of our loved ones. Apart from this, we plan for our retirement as well such as funding our retirement accounts like IRAs, 401(k)s, 403(b)s, etc. However, while starting these accounts we need to ensure that we have properly designated a beneficiary who would get the money if in case of our death. Failing to do so can result in our accounts facing probate for the distribution to the heirs. However, by properly updating the beneficiary designation one can avoid probate and thus such accounts can bypass the probate When a person opens a retirement account, naming beneficiaries is among the paperwork required to do so, which can be a single