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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
When we talk about estate planning, most people have a misconception that it is meant for the older folks and rich and wealthy people. However, it is completely wrong to think that lower-income people don’t need estate planning. Estate planning is meant for everyone irrespective of their age and monetary status. While we say monetary status, it not only means the income that a person earns but also the savings which are actually a more important factor in building an estate. While the high earner comfortably saves, it’s challenging for a low-income individual to save money while fulfilling the basic needs of their family. Estate Planning- Low-income individuals generally are liable either to low or no income tax which is
While getting older people do think of their retirement and plan accordingly, however, they avoid planning their estate which is equally important during and after their life. While having a proper retirement plan helps you to plan your choice of life after your retirement, the estate planning helps you to manage and secure your family and assets during and after your life. Estate Planning- Estate planning is equally important for everyone irrespective of your age and wealth, however, every individual needs different estate plan accordingly and it should be thought and implemented carefully after discussing with an estate planner. Though most people think of drafting a will, however, if you are worried about how the beneficiaries will handle their share
There are lots of misconceptions, wrong information, and confusion regarding estate planning. Estate planning is your life’s biggest decision ever taken by you and setting it properly is a key to be ensured that you will leave behind your assets and loved ones secured. Hence, irrespective of your age or the monetary value of the property you own, you must have your estate plan in place which can be in the form of a will or trust or both depending on your wealth. Estate Planning- This will help you to clearly outline your final wishes and secure your interests after your demise. In case of an unexpected and untimely death, you can be assured that your assets will be distributed
After getting married one of the most important legal decisions that a couple takes is of estate planning. Estate planning is a way of ensuring that after you are gone, your spouse and your children are well taken care of. Thus, this article pertains to the various elements that a married couple must consider while estate planning. Proper and well-documented planning is the best way to distribute your assets among your loved ones. What Is Estate Planning? Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a