Wills

A comprehensive Will is not just about large, liquid assets.  A thoughtful and legally enforceable Will ensures your wishes and intentions are respected, the loved ones whom you identify as your beneficiaries are properly identified, and your affairs are organized and secure.  With careful planning, you may appoint guardians for minor children, create special needs trusts for those loved ones with disabilities in a way that preserves their eligibility for government benefits, or provide for spendthrift trusts for loved ones in need of extra assistance of managing the money available to them through your bequest.  You may have family heirlooms or artworks that you wish to go to specific individuals – this may be accomplished in a carefully crafted Will that minimizes the potential for disputes over such cherished items. A consultation to discuss your Will may provide needed clarity on how to reach your desired estate planning goals. 

Regularly reviewing your Will after major life changes—including marriage, divorce, the birth of a child, or acquiring significant assets—ensures your estate plan continues to reflect your current wishes and circumstances. By updating your Will, Living Will & Health Care Proxy, and Durable Power of Attorney, you will protect your family and loved ones while giving them a roadmap to follow at the time important decisions must be made and carried out on your behalf.

If you pass away without a Will (referred to as when one “dies intestate”), New York’s Estates, Powers and Trust Law (the “EPTL”), Section 4-1.1, will control how and to whom your estate will be distributed. An administration proceeding (as opposed to a probate proceeding with a valid Will) will first require identifying a decedent’s family members. Thereafter, the manner of distribution will follow the EPTL. For instance, ff there is a living spouse and no children, the spouse will receive 100% of the decedent’s assets. If there is a living spouse and children, the spouse will receive $50,000.00 plus one half of the estate’s remaining balance, and the children will receive the remaining 50% of the estate balance “by representation” (predeceased beneficiaries’ shares of the same generation will be divided equally between all their children; as opposed to “per stirpes,” when those beneficiaries with the closest familial relationship to a predeceased beneficiary will receive an equal share of a testator’s assets). Without focused estate planning, your assets may be subject to unintended consequences.  Schedule a consult to discuss how your wishes may be best memorialized in a properly drafted and executed Will. 

While it is possible to draft your own Will, the technical requirements attendant to a valid and legally binding will are easily overlooked when undertaken by those inexperienced in this field.  When your family and heirs are not able to probate an invalid Will in the New York Surrogate’s Court, the errors may prove costly and more time consuming for those you have left behind.  A Will prepared by a trusts and estates professional will memorialize your intentions and protect those you are leaving behind.