Everyone knows the importance of writing a will to protect their assets after they pass on. Fewer people actually do anything about it. A survey conducted by Caring.com in 2017 found that 60% of U.S. adults have no will or another form of estate planning in place.
Writing a will is a wise decision for anyone, regardless of age or health status, but it’s particularly important as you approach later life stages. Consider the people and possessions that matter most to you. What happens to them after you’re gone? To create a will that safeguards your assets and provides for your loved ones, consider these important questions.
When setting up a will, it’s crucial to consider important factors to ensure your wishes are properly documented. At New York Legacy Lawyers, our team of New York estate planning lawyers can help you understand the legal requirements, assist in drafting your will in a way that is valid and enforceable, and provide valuable advice on estate planning strategies that minimize taxes and protect your assets. Contact us today at (718) 713-8080 to schedule a consultation.
1. Who Will Be Your Executor?
The first thing you need to consider is who you want to handle your estate after you pass. This personal representative is
Choose someone you trust entirely and who understands the responsibility. Handling an estate requires a lot of paperwork, so the person you choose needs to be detail-oriented and organized.
Put a plan in place together, so they know what to do and where to find all your important documents. Plus any passwords they may need to access online accounts.
2. What Property Do You Own?
There’s no making a will without talking about property. Your will should include both personal and real property,
Personal property includes checking and savings accounts, family heirlooms, jewelry, stocks, etc. Real property includes land, houses/condos, and any other objects that don’t move.
3. Who Do You Plan to Name as Your Beneficiary?
Use the list of personal and real property to figure out who you want to get what. People usually choose a close relative, like a spouse or child, or a friend as a beneficiary.
You can include additional instructions if an unlikely event occurs, like if the bequeathed person dies. Try to be as specific as possible. Also, be aware that you can only give your share of any property jointly owned, not the whole thing.
4. Do You Need to Name a Legal Guardian for Minors?
When one parent dies, usually the other parent automatically gets custody of their minor children. However, special circumstances can mean this should not or cannot happen.
Think long and hard about who you would want to raise your kids if the unthinkable happened and talk to them about your wishes. Name the legal guardian in your will after they agree. Always list a second choice as well in the event your first choice cannot accept the responsibility.
5. Who Do You Want to Care for Your Pets?
Finally, most people treat their pets as part of the family while their alive. They
6. Can an Executor Change a Will?
A last will and testament articulate your preferences regarding asset distribution, and the executor is the individual you designate to ensure those preferences are honored. The executor’s duties involve managing your estate, which includes supervising the probate process, overseeing your remaining assets, and guaranteeing they are transferred to your chosen beneficiaries. The executor does not have the authority to change your will at any time, either during your life or posthumously, and such actions could lead to their dismissal or legal action.
While the executor of a will holds considerable power over the decedent’s estate, their authority is not absolute. The executor is prohibited from:
- Initiating any tasks without first obtaining legal recognition from the court (via letters testamentary)
- Modifying the will or changing its beneficiaries
- Denying an inheritance to a beneficiary or taking any actions contrary to the will
- Distributing assets from the estate before the death of the testator (the person writing the will)
- Using funds from the deceased person’s estate for personal gain
- Augmenting their portion of an inheritance, in case the executor is also a beneficiary
- Blocking a beneficiary or potential heir from disputing the will
- Signing an unsigned will on behalf of the testator (which would render the will invalid)
It is important for executors to follow the will and its requirements closely to avoid being accused of not performing their fiduciary duty. Executors who are found to have breached this duty could have their role as an executor removed and they can also be subjected by the court to legal repercussions.
| Question | Details |
|---|---|
| Who will be your executor? | Choose a trustworthy and organized person who understands the responsibilities of handling an estate. Create a plan together and provide access to important documents and online accounts. |
| What property do you own? | List all personal and real properties, including accounts, stocks, family heirlooms, jewelry, land, houses/condos, and other valuable possessions. |
| Who do you plan to name as your beneficiary? | Identify beneficiaries for personal and real properties. Consider close relatives or trusted friends. Provide specific instructions and address unlikely scenarios. |
| Do you need to name a legal guardian for minors? | Determine a guardian for minor children if both parents are unavailable. Discuss your wishes and have a backup choice. |
| Who do you want to care for your pets? | Choose someone to care for your pets after your passing. Ensure they are willing and able to provide proper care. |
| Can an executor change a will? | No, an executor cannot change a will. They are responsible for managing the estate as per the will’s instructions and are legally bound to follow its terms without alterations. |
Important Things to Include in a Will
Creating a legally sound and comprehensive will is essential for ensuring your assets are distributed according to your wishes upon your death. It’s highly recommended to consult with an estate planning attorney rather than relying solely on online will programs, which may not cover all the necessary aspects and could be challenged in court. Here are some key elements to include in your will:
- Personal Information: Include your full name, date of birth, address, and any aliases. List the names of your immediate family members to further confirm your identity.
- Last Will and Testament Verbiage: It’s crucial to specify that the document is your last will and testament. This clear statement solidifies the legality and intent of the document.
- Property and Assets: Detail all your assets, including real estate, belongings, and money, and specify which ones should be left to specific beneficiaries. If desired, everything can be left to one person.
- Beneficiaries: Clearly state who should inherit your assets. Beneficiaries could be family, friends, businesses, or charities. Consider naming contingent beneficiaries in case the primary beneficiary dies before you.
- Executor: Appoint someone to execute your will and manage responsibilities such as settling bills and taxes after your death. If an executor isn’t named, the court may have to appoint one.
- Guardianship: If you have minor children or are caring for a disabled or elderly adult, you can nominate a guardian to take care of them should you and your spouse pass away.
- Signatures: Your will should be signed by you and witnessed. While some hand-written wills may not require witness signatures, it’s best to follow this procedure for maximum legal protection.
Creating a comprehensive and legally sound will is an essential step in ensuring that your assets are distributed according to your wishes upon your death. This process should ideally involve consultation with an estate planning attorney. While online will programs can provide some assistance, they may not cover all these crucial aspects, making it essential to seek professional legal advice.
Who Should Be Consulted to Help with Estate Planning and Writing Wills?
When considering estate planning and writing wills, it is recommended to consult an experienced estate planning lawyer. These legal professionals offer invaluable guidance tailored to your specific needs. They are equipped to handle various complexities, from drafting basic wills for simple asset distribution to designing intricate trust arrangements.
Estate planning lawyers help individuals achieve personal, family, and tax objectives through meticulous drafting of essential documents such as wills, trust, and advanced directives like powers of attorney and health care proxies. These documents are essential for clarifying your wishes, thereby reducing uncertainty and preventing disputes in court.
These lawyers can also provide guidance on selecting executors and trustees, as well as managing beneficiary designations. Their experience is crucial in avoiding disputes and confusion when settling estates, especially given that the absence of a will may lead to state laws determining estate inheritance, potentially resulting in assets being distributed to unintended beneficiaries.
For a comprehensive and secure approach to estate planning and wills, seeking the counsel of a dedicated New York estate planning lawyer is a strategic step to ensure your estate is managed and distributed according to your specific goals and provides for your loved ones while potentially offering tax benefits. For a comprehensive consultation, contact New York Legacy Lawyers at (718) 713-8080.
Working with a Top-Rated Wills Attorney from New York Legacy Lawyers
These five essential questions should simplify your initiation into will writing. Keep in mind that it’s crucial to consistently modify your will to mirror any shift in desires or newly acquired assets.
Start drafting your will today with the help of the experienced estate planning lawyers at Yana Feldman & Associates. Our dedicated team is here to guide you through crucial decisions about beneficiaries, property allocation, legal guardians for minors, and pet care. An executor can’t change a will, so it’s crucial to make your wishes clear from the start to protect your loved ones’ interests. Contact us at (718) 713-8080 to schedule a consultation. Don’t leave your legacy to chance. Let’s secure your peace of mind together
