Last Will and testament
A Last Will and Testament is a legal document that gives you the final say on what happens to your possessions after your death. A Last Will means that you, and you alone, get to decide who benefits from your real estate, bank accounts, personal property, and other assets.
In addition to providing an orderly distribution of your assets after death, a will allows you to select the person who will handle your estate and even allows you to name a guardian for your minor children. You can leave instructions for your funeral arrangements in a last will and testament.
The smallest mistake in the drafting and execution of your Last Will and Testament may render it void, leaving your loved ones to deal with the fallout at a time they should be allowed to mourn. Kathleen, an experienced New York law attorney, can create a Last Will and Testament and other estate documents on your behalf. Kathleen will use information you provided in your Confidential Family Questionnaire and at your Peace of Mind Planning Session when drafting your documents. Campbell Mediation and Services will ensure your will has no unintended legal consequences and that it is executed in accordance with the strict formal requirements of New York law.
Frequently Asked Questions
A Last Will and Testament is a legally prepared document that states who receives your inheritance, cares for your children, and states your final wishes, including funeral arrangements if you so choose. Naming who your assets and property are left to insures the people most important to you receive them. Appointing a legal guardian to care for your children allows the opportunity for your children to be raised by trusted individuals that will reflect the values, morals, and beliefs that you maintained throughout your life. Communicating your wishes in your Last Will and Testament allows you to choose a loved one to make medical decisions for you, should you become incapacitated.
Distribution of your assets?
Through a Last Will and Testament, you can control and direct the distribution of your assets. You can leave specific items to specific persons, or leave everything to be divided among specific persons. The choice is yours.
Without a Last Will and Testament, your assets will be distributed by the New York laws of descendent and distribution. This may result in certain persons receiving more or less from your estate than you prefer. If you are not legally married or in a different kind of relationship, your partner likely won’t inherit anything under New York State’s rules. Without a Last Will and Testament, you cannot ensure that certain special items such as jewelry or family heirlooms are received by the person you want to receive them.
Real estate?
Without a Last Will and Testament, your real estate may be inherited by numerous co-owners, possibly including minors. Ultimately, your property may have to be divided or sold. Preparing a Last Will and Testament can save your heirs significant expense and trouble later.
Minor children?
Through a Last Will and Testament, you can appoint guardians for your minor children and trustees to manage their property. Without a Will, the court could appoint guardians and trustees for your children.
Large family?
If you do not have a legal Last Will and Testament in place, New York State will determine the division of all assets, personal property and children. Your children and legal spouse will become co-owners of every asset that you own, both real estate and personal property. If there are no children or a surviving spouse other family will get the share. Heirs have to work together to manage all of your property. The more heirs you have, the more likely difficulties may arise. By having a Last Will and Testament, you can control what happens with your property; you can leave specific property to specific persons and you can appoint specific persons to manage and handle distributing your property.
Even if you do not think that you need a Last Will and Testament, you should contact Kathleen regarding your specific situation and discuss how having a Last Will and Testament could benefit you.
As long as you have the capacity to do so, you can revoke or update your will at any time. As a matter of fact, what you may wish to include in your will today, can be different than your wishes next year or in several years from now. However, because a person never knows when they may become incapacitated or die, it is wise to have a valid Last Will and Testament in place.