Wills And Trust Attorney In New York Breaks Down What You Need To Know

Many people wonder if they truly need a will; some because they believe they don’t have enough assets that require writing a will, some believe it’s enough that their survivors know their wishes, and some just don’t want to think about death.

The truth is, regardless of your age, it is never too early or too late to begin thinking about a last will and estate planning.

If you have a job, car, bank account, insurance policies or retirement accounts, furniture – that’s your estate. The bottom line is: if you own stuff, you need a will. And even if you’ve told your family what your wishes are, if you die without a will, the state where you live will step in.

As you acquire new assets and achieve new milestones, you will want to ensure that you have provided instructions regarding the distribution of your estate.

If you die intestate – which means without a proper will or living trust – your assets will be distributed according to the law in the state where you live.

Under New York’s Intestate Succession Laws, when an individual passes away, his “estate” is distributed to certain individuals determined by law. This often leads to inter-family disputes and endless litigation, and having a Last Will and Testament can prevent such conflicts.

When a person dies without a will, state laws will determine who will administer the estate, inherit the property, and take care of minor children, if any.

Someone must have authority to take charge of the deceased person’s property and debts. Since there’s no way to know who the deceased, who left no will, would have chosen as executor, the court will choose someone to fill this role.

Some people erroneously believe that having a will causes their heirs to have to go through probate, a difficult and expensive process. If there is no will, the probate court judge will appoint someone to oversee the distribution of your assets.

Also, state laws cannot provide for who will inherit certain specific items that are left as part of your assets – and this can lead to many problems.

For instance, if you intend to pass your grandmother’s wedding ring that you inherited on to your one daughter and you die without a will, maybe your other daughter will feel like she should inherit it, or your son will feel very strongly that his wife should have it.

It happens in life all the time that surviving heirs do not agree on who will get certain items of the deceased personal property. Even if you don’t have a lot of assets, you may want to make sure that specific items you own go to the people that you wish get them – and this you can achieve by having a will.

Now, let’s look at another huge reason why some people should absolutely have a will – children.

If you have minor children, in particular, you really need a will. If you have a will, you can decide who will manage your children’s inheritance on their behalf, plus, you can choose the age at which you want it to be distributed to them.

Otherwise, the probate court will have to set up a conservatorship to manage your children’s portion of your property. A judge will decide who manages the money, and when your minor children turn 18, they will get his share, whether they can handle it or not.

Even if you don’t have children, your surviving spouse may not get everything. In some states, the deceased spouse’s parents, siblings, nieces or nephews, and even more distant relatives, receive a share.

Also, if you have a second spouse and children from a first marriage, and you die without a will, your kids could end up with a lot less than you’d want.

More importantly, the will is a crucial legal document because it states who you want a guardian for your children to be.

Parents with young children typically name someone they love and trust to serve, as the personal guardian of their children, for this is the person who would raise the children if neither parent were available to do it; this is recorded in a will.

However, if there’s no will and a guardian is needed, the judge will appoint one. Although the main rule is that the judge must always act in the best interests of the children, the decision reached may be very different from what the deceased parents’ wishes were.

Next, estate planning and having a will is essential if you want to leave assets to a partner you’re not married to.

If you die intestate – without leaving a will – there are strict rules about who gets what. State law directs that only your closest relatives will inherit your assets, which may leave your partner with nothing. If you own something together, such as a house or car, consider owning that property as joint tenants with rights of survivorship to ensure it passes to the surviving partner automatically when one of you dies.

If you like to support charities, a will lets you direct your assets to the charity of your choice.

Also, if you wish to leave your assets to an institution or an organization, a will can ensure that your wishes are carried out.

Tax considerations are another important issue to consider, as a properly prepared will can minimize tax liability.

Taxes can significantly decrease what your heirs ultimately receive. This is particularly important to people with large estates. It is always advisable to consult with a professional regarding your estate, inheritance, and gift taxes on both the federal and state levels.

Once you’ve started the process of making a will, you will also want to consider creating a living will and durable power of attorney.

These important legal documents will allow you to name a person(s) to take care of your financial affairs and make medical decisions should you become incapacitated.

The bottom line is: having a will is a necessity, and making one is usually a rather simple and inexpensive process, especially considering that it can give you peace of mind, and save your family time, money and grief.

To maximize the prospect that your wishes are carried out when you die, make a will in writing, and make sure you and your witnesses sign it.

As T. Speiss, a CPA in charge of Eisner LLP’s wealth advisory group in New York, comments, there are clients with “very well-traveled, unsigned wills”.

If you already have your estate plan in place, you should periodically update your will to make sure you’ve included all the heirs – maybe there’s a new grandchild you want to add, as well as all of your newly acquired assets – maybe you got a new house or sold the old one. Also, if you got married or divorced, started a business, moved, etc., you will want your will to reflect all these changes.

At the Levin Law Group, our experienced wills and trusts attorneys in New York will assist you in advising and preparing a wide range of estate planning documents.

Take steps to ensure your wishes, interests and assets are protected. Don’t put if off – get a will prepared by a trustworthy wills and trust attorney and sign it.

Contact Levin Law Group today:  https://ylevinlaw.com/practice_wills_trusts_estates_tax_planning.html