Why You Need a Will
One of the biggest mistakes people make is to die without a will. It’s easy to get wrapped up in your life and procrastinate, especially if you seem to be in good health. But frankly, no one is guaranteed another day, so everyone should have a Last Will and Testament. Without a will, there aren’t any instructions set forth for the division of property, guardianship of children, and funeral arrangements.
When someone dies without a will, it’s called intestate. When this happens, property is distributed according to state law, and the court appoints someone to manage the estate. Leaving these issues unresolved puts great strain on your surviving loved ones. A Last Will and Testament ensures that your loved ones are well cared for and your wishes are carried out. If you need help with Will writing in New York, our legal advisors can get you on track.
Parts of a Will
At Woodberry Wealth Management & Associates, our legal advisors are well versed in Will writing in New York. They will answer all of your questions, and guide you step-by-step through the development of your Will. In a nutshell, the Will writing process includes:
1. Name your executor. This is the person responsible for managing your estate according to the directions set forth in your will.
2. Appoint guardians of minor children. It is very important to understand that a will is the only document that can appoint guardians for children in the event of death of a sole parent, or both parents.
3. Select beneficiaries. These are those who will inherit assets from your estate. It’s important to name your beneficiaries clearly, and in detail.
4. Details about assets. This describes all of your assets, and whether they are already assigned beneficiaries or not. For example, assets that are not part of the will might include payable-on-death bank accounts and trusts.
5. Bequests. This section describes how property is to be distributed among the beneficiaries.
6. Funeral arrangements. This details your wishes for funeral arrangements such as whether you prefer to be buried or cremated.
What would happen to you if you suddenly became ill or injured, and were unable to make medical decisions? Do your loved ones know how you feel about prolonged medical treatment? To protect yourself against unwanted medical care, you need a living Will. A living Will is a document that declares which medical treatments and care you want if you suffer from a terminal illness, or are in a permanent vegetative state. A living Will is a beneficial addition to your Last Will and Testament.
Do you already have a will?
f you have an existing Will, it may be time for you to give it another look. It is recommended that you review and amend your will periodically, especially after major life changes such as marriage or divorce.
No matter how simple you believe your will to be, it is in your best interest to hire a professional estate planner. Will writing in New York can be more complex than you might think. Our legal advisors will help you draft a well planned Will that acts in the best interest of your loved ones, and guarantees that your wishes are honored.
Having a Last Will and Testament puts you in control. Contact us today to set your appointment.