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. Making a will is a smart idea no matter your age or current health situation, but it becomes vital when nearing the end of life. Think about the most important people and things in your life. What will they do when youâre gone? Learn how to write a will that protects your assets and keeps your loved ones safe by asking yourself the following five questions. When setting up a will, itâs 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 the executor. 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?Thereâs no making a will without talking about property. Your will should include both personal and real property, so form a list of all owned properties before you start. Personal property includes checking and savings accounts, family heirlooms, jewelry, stocks, etc. Real property includes land, houses/condos, and any other objects that donât 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 care just as much about what happens to them as they would any other family member. Speak with the person you would like to care for your pets, so they agree to care for your pets after youâre gone.
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 executorâs 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 decedentâs estate, their authority is not absolute. The executor is prohibited from:
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. Important Things to Include in a WillCreating a legally sound and comprehensive will is essential for ensuring your assets are distributed according to your wishes upon your death. Itâs 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:
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. Working with a Top-Rated Wills Attorney from New York Legacy LawyersThese five essential questions should simplify your initiation into will writing. Keep in mind that itâs 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 canât change a will, so itâs crucial to make your wishes clear from the start to protect your loved onesâ interests. Contact us at (718) 713-8080 to schedule a consultation. Donât leave your legacy to chance. Letâs secure your peace of mind together via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/protect-your-assets-5-important-things-to-remember-when-writing-a-will/
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AuthorYour legacy extends beyond the material possessions you leave behind. It includes the impact you have made on your family and community, and the lasting benefit you have provided to future generations. At New York Legacy Lawyers, we understand the importance of carefully planning for the future and ensuring that your goals are carried out. With over 20 years of experience in estate planning and elder law, our attorney, Yana Feldman, is equipped to help you achieve your vision and guide you through every step of the process. FIND US ONLINE Bitly Box Diigo DropBox Evernote Postach.io Inoreader Instapaper Nimbus OneDrive OneNote Raindrop Todoist Toodledo Trello Tumblr Weebly Wordpress Blogger Google Drive Youtube Google Map Related Links About.me Behance.net Dribbble.com Taplink.cc Gravatar.com Carrd.co Minds Justpaste Issuu Linktr.ee Solo.to ArchivesNo Archives Categories |