Top Reasons To Make A Will
Many people in Putnam County wonder if they should make a will and whether the benefits of estate planning outweigh the time and effort necessary to do so. It is important to know that making a will is not as time-consuming a process as you might think, and it is a critical one regardless of your current income or assets. There are many misconceptions about wills and who needs one. For example, there is a common myth that only wealthy people should make a will. In fact, wills can benefit almost any adult who has property or specific concerns about their minor children. Another frequently cited myth is that wills are unnecessary since New York has a process for handling a person’s estate after they pass away. There are “intestate” laws in place, but the results of intestate succession are often much different from what the deceased would have wanted.
Why should you make a will? The following are some of the top reasons to consider working with a Punam County estate planning lawyer on a will.
- You Get to Make the Decisions About How Your Assets Will Be Passed Onto Your Loved Ones
By making a will in New York, you will decide how your assets are distributed. It does not matter if you own very little property or a significant amount of property. In a will, you can say explicitly who gets which assets after your death — whether it is a spouse, a child, a friend, a neighbor, or even a charitable organization. You can also clarify who should not receive any of your assets.
- Avoid Legal Issues and Contentious Behavior Among Your Loved Ones
Wills also limit legal battles between or among your kids or other heirs since you will have clarified how your property is to be distributed.
- Protect Your Business Interests
If you own a business, you can use your will to protect certain business interests and to clarify who should receive certain business assets and who should become an owner or co-owner of your business after your death. If your business has been important to you in your life, even if it has not been especially lucrative, a will can allow you to choose a person to keep the business running and providing important services and products after you are gone.
- Avoid Intestate Succession
In case it was not already clear, making a valid and enforceable will means that your loved ones will be able to avoid the stress of intestate succession, and you will not need to worry that your assets will be passed according to the rules of intestate succession in New York. When a person dies without a valid will, New York says that person has died “intestate.” When a person dies intestate, New York law determines how the deceased’s assets are distributed. This is true even if the deceased promised a certain asset to a relative or charity, for example.
- Give Yourself Peace of Mind
Finally, making a will means that you will be giving yourself peace of mind. You will not need to worry about how your assets will be distributed, and you will not need to worry about legal issues after your death. By making a will with assistance from an experienced lawyer, you can know that plans are set.
Contact a Mahopac Wills Lawyer
If you need assistance creating a will or any other estate planning document, one of the Mahopac wills attorneys at Meyer & Spencer, PC can assist you.