We know that much of our community here in Queens NY is always trying to plan properly for the future. This is why creating a will is so important. It is perhaps the most essential part of planning, and not just at the end of life. Wills should be created in mid-adulthood. Will allows you to organize to whom your assets go and carry out your last wishes. But making a will is not easy.
There are some free templates or pay DIY will service but if you have any sort of assets, whether it be a home, investment account, the bank account you want to ensure they are left to your spouse, children, or loved ones. To ensure your will covers everything you need it to, to the standard of the law you should speak with one of the highly qualified estate lawyers in Queens.
As you prepare with your attorney to make your will in New York there are certain things you should consider.
New York Intestacy Laws
In the state of New York there are specific laws that govern what happens to estates when there is no will. The Intestacy laws determine that the assets within the estate will go to the closest living relative, usually a spouse or immediate family member. This usually only includes assets that are solely under your name, if anything is under joint ownership it will revert to that individual.
Estate administrations are created to collect and manage the estate of a deceased individual. The executor of the estate can be assigned and they lead the management process. Many things must be handled when an estate is being prepared for transfer. Real estate taxes, loans, debts, paying of court and legal fees. All of this can be an expensive and lengthy process. If your estate in New York is valued less than $50,000 than it is classified as a small estate administration and is expedited.
Legal guardians are the adults who will be responsible for your children if they are minors. This is a very important part of a will especially in families where there was a divorce, step-parents, adult children, or other family members that played a major role like an aunt or uncle. Helping to ease the transmission is extremely important and prevents friction among the heirs.
New York Specifications
In New York there are only a few simple guidelines required to make a will legal and binding.
- The person writing it must be in their “right mind”.
- The will must be signed and dated by the person writing it.
- Two witnesses must sign and date it,
- It is best if it is typed to avoid misunderstandings.
Thats it. Not so complicated right?
Well yes and no.
Writing a will and complying with the law, in theory, is simple. But to write a legally binding will that plans your estate, handles your financing and assets, provides legal instructions for your loved ones, and can be accepted through the probate process can be much more difficult. This is why it is highly advisable to hire a local Queens estate & probate attorney, if you live in the area, to help you with your will and end of life preparations. The process will be easier and less expensive in time and money, all the while giving peace of mind to you and your loved ones.
For a free consultation to discuss your estate, probate or will contact:
Law Offices Of Roman Aminov 147-17 Union Tpke, Queens, NY 11367 (347) 766 2685 https://www.aminovlaw.com/queens-ny-estate-lawyer/