Frequently Asked Questions Concerning Wills In New York
At Cavallo & Cavallo, we help our clients protect assets and provide for family members in the event of the unexpected. A will is one of the most basic yet important types of estate planning documents you need to have, as it outlines your wishes in terms of who will inherit and how property will be distributed in the event of your passing. Unfortunately, it is something that many people often overlook until it is too late. If creating one is something that you have been putting off, this is a task that needs to be at the top of your to do list.
Why You Need a Will and How to Create One
According to surveys from the American Association of Retired People (AARP), while most Americans are aware that they should have a will, the fact is that close to 60 percent do not. In many cases, this may be due to misinformation or unanswered questions regarding how a will is created. The following provides answers to some of the most common questions we hear from clients about making a will and why it is so important:
Do I need a will?
Everyone needs a will, regardless of their age, health, or the amount of property and assets they own. Unexpected events can occur at any time and failing to have a legally valid will in place creates confusion and costs your family time and money in the long run.
Why is a will so important?
When you die, your estate will pass through New York Probate Court. Without a will, you will have no say in how property or assets are distributed. In addition to taking additional time to process, this could exclude people you would otherwise want to inherit.
Can I handwrite a will?
A will is a legal document, and as such there are rules and guidelines regarding its creation. In order for it to be declared valid in New York, it must be signed and dated in the presence of two witnesses and must include a complete list of all property and assets you possess.
Can I use an online service to create a will?
The problem with these services is they may not conform with state law or account for specifics in your situation. For roughly the same price, an experienced estate planning attorney can ensure your will is legally valid, while addressing specific concerns or questions you have.
Who is in charge of making sure my will is enforced?
You will name an administrator to file your will, gather property and assets, and make distributions. This should be someone you trust and may include a friend or family member, provided they have the skills to oversee this task.
Contact Us Today for Help
Reach out to Cavallo & Cavallo for help in creating a will and for answers to additional questions. We would be happy to schedule a consultation for you with our experienced New York estate planning attorneys in our Bronx or Westchester office to discuss your situation and how we can help. Call or contact our office online today.