Did you know that October holds special significance in the world of estate planning? The third full week of this month marks National Estate Planning Awareness Week. This initiative shines a spotlight on the critical importance of estate planning and its fundamental role in maintaining financial wellness. But what does this mean for you, living in Long Island, New York? It serves as a timely reminder that creating a Will isn’t just for the wealthy or elderly—it’s a vital step for anyone who wants to protect their assets and loved ones.
If you’ve been putting off making a Will, you’re not alone. Many people delay making a Will, but it’s a crucial step to ensure your wishes are respected. If you’re wondering, “how do I make a Will?” this blog will guide you through the process, breaking it down into clear, manageable steps.
The Basics of a Will
Before you start drafting your Last Will and Testament (“Will”), it’s crucial to understand what it is and what it can do. A Will is a legal document that outlines how you want your assets distributed after your death. In addition, a Will lets you name guardians for minor children, assign pet care, and set funeral preferences. Without a Will, New York state laws will determine how your estate is distributed, which may not align with your wishes.
In New York, for a Will to be valid, you must be at least 18 years old and of sound mind. This means you understand what property you own, who your family members are, and the implications of your Will.
Next, let’s move on to the practical steps of creating one. The process begins with a thorough assessment of what you own.
Inventorying Your Assets
The first step in creating your Will is to take stock of your assets. This includes:
- Real estate (your home, vacation properties, etc.)
- Personal property (vehicles, jewelry, artwork, etc.)
- Financial assets (bank accounts, investments, retirement accounts)
- Digital assets (online accounts, cryptocurrencies)
List all your assets and liabilities to ensure nothing is overlooked in your Will. When considering digital assets, it’s a good idea to keep a list of account passwords stored securely or use a digital vault service. You should also ensure that your Executor has the legal authority to manage these digital accounts after your death, as some online platforms require specific permissions. Providing instructions for accessing these accounts can help your executor handle them efficiently.
Deciding on Beneficiaries
Now comes the crucial task of deciding who will inherit your assets. Your beneficiaries can be family members, friends, or even charitable organizations. Consider each asset and who you’d like to receive it. Remember, you can be as specific as you want—leaving your vintage record collection to a music-loving niece or your favorite charity.
If you have minor children, this is also the time to name a guardian for them. Choose someone you trust who shares your values and is willing to take on this responsibility.
Choosing an Executor
The Executor is the person responsible for carrying out the instructions in your Will. This role involves managing your estate, paying any debts or taxes, and distributing assets to beneficiaries. Choose someone trustworthy, organized, and capable of handling potentially complex financial and legal matters. It’s wise to name an alternate Executor as well, in case your first choice is unable or unwilling to serve.
In addition to these general responsibilities, the Executor will also need to file your Will with the probate court. This step starts the legal process of validating the Will, which is required before distributing any assets. Consulting a New York Wills attorney during this process can be beneficial, especially if your estate includes complex elements like business interests, significant real estate holdings, or potential disputes among beneficiaries.
Drafting the Will
While it’s possible to write a Will yourself, the complexities of New York state law make it advisable to consult with a New York Wills lawyer. They can ensure your Will complies with all legal requirements and effectively communicates your wishes.
Your Will should include:
- Your full name and address
- A statement that this document is your Will
- Names of beneficiaries and what they will receive
- Name of the executor (and alternate)
- Guardian for minor children (if applicable)
- Your signature
- Date of signing
- Signatures of two witnesses
If you have more complex assets or financial considerations, such as owning a business or dealing with large tax liabilities, a lawyer can help tailor your Will to ensure that these issues are handled appropriately. Working with an attorney also ensures compliance with all aspects of New York law, minimizing the risk of future legal challenges.
Meeting New York’s Witnessing Requirements
In New York, your Will must be signed in the presence of at least two witnesses. These witnesses must also sign the Will, and they have up to 30 days after seeing you sign it to do so. It’s essential that your witnesses are at least 18 years old and considered competent.
Although New York law does not require that witnesses be disinterested (meaning they can be beneficiaries), it’s generally a good idea to choose witnesses who are not named in the Will. This can help prevent any potential conflicts of interest or legal challenges to the Will after your death.
Storing Your Will Safely
Once your Will is complete, store it in a secure location where it can be easily found after your death. This could be a fireproof safe at home, a safe deposit box at a bank, or with your attorney. Inform your executor of the Will’s location and how to access it.
Reviewing and Updating Your Will
Creating a Will isn’t a one-and-done task. Life changes, and your Will should reflect those changes. Review your Will periodically, especially after major life events like marriage, divorce, birth of a child, or significant changes in your financial situation. Estate planning attorneys in New York generally recommend reviewing your Will every 3–5 years or after significant life changes, such as moving to another state, as this may affect the laws governing your Will.
In New York, you can update your Will by creating a new one or by adding a codicil (an amendment to your existing Will).
Creating a Will is an important step in ensuring that your loved ones have clarity and guidance during a challenging time. National Estate Planning Awareness Week highlights the importance of estate planning as part of overall financial wellness. To make sure your wishes are properly documented and to avoid potential complications, consulting an experienced attorney is highly recommended. By working with an attorney to create your Will, you’re taking a crucial step toward securing your legacy and providing peace of mind for both you and your family.
Take the Next Step in Securing Your Legacy
Are you ready to create a Will that truly reflects your wishes? The experienced estate planning attorneys at Sheryll Law, P.C. on the East End of Long Island are here to help. We serve Riverhead, NY and the surrounding areas, providing personalized assistance throughout the will-creation process.
Our team will work closely with you to assess your unique situation and goals, ensuring your Will complies with all New York state laws. We’ll address complex issues such as guardianship and asset distribution, and help you navigate any challenges that may arise during the process.
Don’t leave your legacy to chance. Take control of your future today. If you’ve been searching online for “Last Will and Testament lawyers near me,” contact Sheryll Law, P.C. instead. Call us at (631) 506-8440 or complete our confidential online form to schedule a consultation. Let us help you create a Will that gives you and your loved ones peace of mind.
Protect your legacy with Sheryll Law
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
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633 East Main Street, Suite 2
Riverhead, New York 11901
(631) 506-8440
https://sheryll-law.com/
