A will can ensure that your assets are received by your closest relatives and friends in the manner that you intended, while minimizing the costs of administering your estate . It can also control when those assets are received. Your will can decide who will manage your estate by designating an executor.
If you die intestate (or without a will), the laws of the state where you reside will determine who receives your property and who administers your estate. Consequently, your assets are at risk of being used in ways you would not have preferred, or to those who you may not believe are entitled to such.
When you are preparing your will, you should consider carefully how you want your effects and assets (including retirement accounts and life insurance policies) to be distributed after your passing. A professional can provide invaluable assistance and insight as you make these decisions.
Requirements for Execution of a Will
Each state has its own requirements for creating a legally executed will. In New York State, any person eighteen years of age or older, or a minor lawfully married, and of sound mind may make a will. A legally enforceable will created in New York must be in writing, signed by the testator and by two witnesses. There are other formalities that one of our attorneys will be sure to take appropriate measures so that your assets and loved ones are fully cared for.
Avoid Challenges to a Will
There are different ways in which a will may be challenged. If it is not drawn up appropriate, a poorly written will may invite disputes among your heirs and loved ones, creating the opposite of your intentions for those you care about upon your passing. By working with one of our Estate Planning attorneys, we will help you attain the peace of mind that your estate’s needs are well planned for.
To speak to one of our highly qualified attorneys about the preparation of a will, please contact us today by filling out the form on this page or by calling us at (212) 481-7400 (New York City office) or at (631) 420-9300 (Long Island office).