Wills and Estate Planning.
A Will is a device that
lets you tell the world whom you want to get your assets. In New York, if you
die without a Will, your property will be distributed according to state
"intestacy" laws. Making a Will
is especially important for people with young children, because Wills are the
best way to transfer guardianship of minors. You may amend your Will at any
time. In fact, it's a good idea to review it periodically and especially when
your marital status changes.
A Will is also useful if you have a trust. A trust is a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes. But you still need a will since most trusts deal only with specific assets such as life insurance or a piece of property, but not the sum total of your holdings.
We understand that writing a will can be emotionally taxing. Wills also have very specific execution instructions and that is why, however simple your will may be, it is imperative to have an attorney prepare and properly execute it.
A Will is also useful if you have a trust. A trust is a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes. But you still need a will since most trusts deal only with specific assets such as life insurance or a piece of property, but not the sum total of your holdings.
We understand that writing a will can be emotionally taxing. Wills also have very specific execution instructions and that is why, however simple your will may be, it is imperative to have an attorney prepare and properly execute it.