Rockland County Will Lawyer

Many people understand that they should have a will, but, for one reason or another, they continue putting it off. Some believe they do not own enough property to justify creating one, while others assume their spouse or children will simply receive everything automatically when they pass away. Unfortunately, New York law may distribute your property far differently than you would have chosen yourself if you pass away without creating a will. That’s why it’s so important that you create a will, along with other crucial estate planning documents. Continue reading and reach out to a seasoned Rockland County estate planning lawyer from the Law Office of Peter A. Hurwitz, PLLC to learn more about what you can include in your will and how our firm can help preserve your legacy for generations to come.

Who Needs a Will?

Rather simply, virtually every adult can benefit from creating a will. Wills are not exclusively for wealthy people, business owners, or those with especially complicated financial circumstances. Even if you do not consider yourself to have a substantial estate, you may still own a vehicle, maintain a bank account, possess valuable personal belongings, have retirement assets, or own an interest in real estate.

Additionally, parents can use a will to nominate someone to serve as guardian of their minor children. You can also name the executor who will be responsible for gathering your property, paying valid debts, handling court filings, and distributing the remaining assets to your beneficiaries. Ultimately, you should strongly consider creating a will if you:

• Own a home or any other real estate
• Have minor children or other dependents
• Want to nominate a guardian for your children
• Own a business or hold an interest in one
• Have a blended family
• Want a friend, unmarried partner, charity, or religious organization to inherit
• Own sentimental belongings that should pass to specific people
• Want to choose the person who will administer your estate

What Happens if You Die Without a Will in New York?

When someone dies without a valid will, that person is said to have died “intestate.” This does not mean the State of New York automatically takes everything, but it does mean that the person’s probate property is distributed to certain relatives according to New York’s intestate succession laws, regardless of what the deceased person may have informally promised or intended.

For example, when a person dies leaving a spouse but no children, the spouse generally inherits the entire intestate estate. When there are children but no surviving spouse, the children generally inherit everything. However, if the person leaves both a spouse and children, the spouse generally receives the first $50,000 plus one-half of the remaining balance, while the children divide what is left.

If there is no spouse or child, the estate may pass to the deceased person’s parents, siblings, or increasingly distant relatives, depending on who is still living. Unfortunately, these statutory rules may produce a result the person never would have selected.

The Surrogate’s Court will also need to appoint an administrator to manage the estate, since no executor was chosen in a will. Furthermore, if minor children are left without a surviving parent, the court may have to select a guardian without written guidance regarding whom the deceased parent trusted to raise them.

What Can You Include in a Will?

A properly prepared will can address several important matters and provide clear directions for the administration of your estate. Some of the various things you can include and address in your will are as follows:

• The person you want to serve as executor
• Beneficiaries who should receive your probate property
• Gifts of real estate, money, vehicles, jewelry, and personal belongings
• Instructions concerning family heirlooms or sentimental property
• A nominated guardian for your minor children
• Testamentary trusts for children or other beneficiaries
• Charitable gifts
• Alternate beneficiaries if your first choice dies before you
• Directions for distributing the remainder of your estate

What Can’t You Include in a Will?

Though a will is an essential estate planning document, it does not control every asset a person may own. Certain property transfers automatically or according to a separate beneficiary designation, meaning the language of a will generally cannot override that arrangement. Some examples of assets that commonly pass outside of a will are as follows:

• Life insurance proceeds with a named beneficiary
• Retirement accounts with valid beneficiary designations
• Property held jointly with rights of survivorship
• Payable-on-death bank accounts
• Transfer-on-death accounts
• Property that has already been transferred into a trust
• Certain jointly titled financial accounts

A will is also generally not the ideal place for detailed funeral or burial instructions, as those arrangements may need to be made before the document is located or reviewed. Additionally, a person cannot use a will to avoid lawful debts, defeat certain rights held by a surviving spouse, or require a beneficiary to engage in illegal conduct.

For these reasons, your will should be coordinated with your beneficiary designations, account titles, trusts, and other estate planning documents.

What Makes a Will Valid & Enforceable in New York State?

New York has specific rules governing how a will must be created and executed. Failing to follow these requirements can result in a will being challenged or denied probate, even when the document accurately describes what the deceased person wanted.

Generally, the person creating the will, known as the testator, must be at least 18 years old and possess testamentary capacity. Essentially, this means the testator must understand that he or she is making a will, recognize the general nature of the property being distributed, and understand who would ordinarily be expected to inherit.

The will must also be in writing and signed at its end by the testator, or by another person acting at the testator’s direction and in the testator’s presence. The testator must sign or acknowledge the signature before at least two attesting witnesses, declare that the document is his or her will, and ask those witnesses to sign. The witnesses must then complete their signatures within the period required by New York law.

Contact a Rockland County Will Preparation Lawyer Today

The bottom line is that a well-drafted will is the cornerstone of any comprehensive estate plan. If you’re ready to take the next step to protect your legacy, please don’t hesitate to contact a knowledgeable and experienced Rockland County will preparation lawyer from The Law Office of Peter A. Hurwitz, PLLC today.