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an estate plan is essential regardless
of value
so either depending on your asset value
it really makes no difference uh whether
your state is worth five thousand fifty
thousand or five hundred thousand
the main reason why everyone needs an
estate plan is if you don’t put things
like a will or a trust in place
the state will decide who is in charge
of your estate after you pass
who is in charge of distributions to and
and more importantly who gets your
estate after you pass
and also things like during life
decision making decision making over
your financial affairs if you’re unable
to make them for yourself decision make
making for your medical decisions
access to your hipaa protected records
and things like permanent incapacitation
if god forbid you’re in a vegetative
state what do you want your medical
agent to be able to do and this kind of
segues back to your question about an
article 81
that’s another primary benefit of
setting up a proper estate plan is you
avoid the need
in most cases at least to go to the
supreme court
to have a guardian appointed who can
make decisions for you as long as you
have the proper during life directives
in place
Contact Russel Morgan, Esq.
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NY estates planning & probate attorney Russel Morgan, Esq. explains why you need an estate plan in New York.