Writing Your New York Will 101
No one wants to think about estate planning until it becomes necessary. However, it can provide legitimate peace of mind to those in Putnam County who have assets to distribute after their passing. A will can be drawn up for any adult but many people get intimidated in trying to execute one. The right attorney can help craft a document that is easy to understand and easy for your heirs to carry out when the time comes.
Why Do I Need One?
Many people, particularly those of younger years, wonder why they would even need a will, particularly if they do not have any assets worthy of passing on to anyone else. The answer is simple: you may acquire assets of that worth in the future, and if you do not have any kind of estate planning in place, New York’s intestacy law applies. It effectively distributes the assets of a person who died without a will, but it may do so contrary to their preferences.
Creating a simple will is easy enough – all that is required to be valid under New York law is that the will be (1) written, as spoken or videotaped wills are not permitted; (2) it must clearly be shown to be your will; (3) signed and dated by you or someone authorized to act for you; and (4) witnessed by two people not mentioned in the will. Keep in mind that holographic wills are only permitted in New York under very limited circumstances.
Avoiding Post-Mortem Challenges
While a person has relative freedom in how to structure their will, New York does have certain rules in place that can lead to a will’s validity being questioned if they are not obeyed. For example, New York law generally does not permit a person to disinherit their current/surviving spouse, and the spouse can seek what is known as the elective share in court if the decedent does not leave them a bequest.
Another choice that you can make when creating your will is to name the right executor (also called a personal representative in some states). An executor who has the ability to properly manage your will and the probate process can protect your estate against challenges from family or other actors. There are no specific requirements an executor must meet, but in general, it is important to choose the right person for this difficult task.
Call A Mahopac Estate Planning Attorney
Creating a will can feel intimidating, but a Mahopac estate planning attorney from Meyer & Spencer, PC can help you execute the document that protects your interests and those of your heirs. Call our office today to schedule a consultation.
Source:
nysenate.gov/legislation/laws/EPT/4-1.1
