Sheryll Law, P.C. Empowers Residents With Will Planning Services.
Get Peace of Mind With a Will
Leaving loved ones without the closure of a Last Will and Testament could end in family disputes or worse. The courts follow the rules of intestacy, meaning your property could end up going to people you haven’t seen in years or even a lifetime. It’s our experience that too many Long Island residents die without having all their proper legal documents in order. Don’t leave your legacy to chance, let one of our experienced attorneys help navigate the complexities of crafting your Last Will and Testament to leave a lasting legacy.
What to Include in a Will
A Will is common estate planning tool to:
- Name beneficiaries for your property
- Designate a guardian for minor children
- Choose who will care for your pets
- Appoint an executor to administer the estate
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How do I Choose An Executor?
Appointing someone trustworthy as executor of a Will is crucial. This person will be in charge of probating your will and distributing the assets while also managing any issues that arise. While you can choose someone who lives anywhere in the country, it’s easier to select someone who resides in the Long Island area. The executor must be someone who is in good financial standing, reliable, and willing to serve. Selecting a backup executor is also beneficial if someone is unable to serve. Speak with an experienced estate planning lawyer to understand the role of an executor and who you should choose.
What Does A Will Not Do?
A common misconception is that a Will avoids probate. Assets that will not go through probate include trusts, payable-on-death accounts, accounts with beneficiary designations, and jointly-held property. These assets go directly to the intended party upon death. An estate plan that uses a Will as the main vehicle will likely go to probate. To avoid probate, seek guidance from an estate planning attorney to discuss trust and estate plan options. A will can determine who gets your hard earned money and determine guardians.
Making Changes To A Will
A will can, and should be changed as your life evolves. Major life events such as marriage, divorce, having children, and evolving relationships should be updated with an estate plan. Financial acquisitions should also be updated. Purchasing a new property or starting a business are major life events that you plan should address. Keeping your estate plan up to date is important so it is representative of your current situation and your wishes are carried out. Contact a Long island attorney that focuses on Last Will and Testament if you wish to make updates to your Will.
Can You Disinherit Someone In A Will?
You can choose to disinherit someone in a will however there are pros and cons. You can choose to disinherit a child however, before documenting these wishes speak with an attorney about potential consequences. However, a spouse is entitled to the greater of $50,000 or one-third of the estate in New York. This is designed to protect the inheritance for the spouse. It is important to know your rights and options when making this decision. Consult with an estate planning lawyer to know all of the potential consequences to disinheriting a family member in your will.