Every state has its own laws regarding estate planning. As a resident or estate owner in Long Island, it is important you know what the NY state laws specifies concerning estate plan before you draw out your plan. To be on a safer side and to avoid costly mistakes, its highly recommended you speak with or hire a Will Attorney Long Island.
What is a Will?
A Will, also known as a Last Will and Testament, is an estate planning document on which you express your wishes regarding how you want your property disposed at your death. On the will, you clearly express what asset goes to who, and in what proportion. Since you would no longer be alive by then, you must name an executor who would see to it that the instructions on your will are effectively executed.
How Will The Will Attorney Long Island Assist You?
The Will Attorney Long Island is an attorney having years of experience in writing Wills in Long Island, and well-versed in its estate laws. There are, of course, already-made templates which you can get online which would greatly ease your will drafting process, but you should acknowledge the fact that every individual is different, and so every estate is different. Hence, a good estate plan should be individualized to meet the specific needs and desires of the person in question. For that reason, you may need more than a one-size-fits-all template of a will. Kindly contact a Will Attorney Long Island to avoid possible errors which may greatly cost your surviving loved ones on the long run.
Types of Wills Acceptable in Long Island
There are of course several types of wills recognized in Long Island. It is important you know a little about each of them as you may have to choose one which would be best for you.
Simple Will
A simple will is the first thing that comes to your mind when you think about a last will and testament. It is a written will drafted for a simple estate with uncomplicated assets, specifying where such assets will go at the death of the testator (the creator of the will).
Pour-over Will
A pour-over will becomes greatly important when you create a trust and transfer some — but not all — of your assets into the trust. A pour-over will is created by the trustor during his lifetime, to transfer the remaining assets which were not included in the trust, into the trust at his death. The assets thus transferred are subject to the terms of the trust. It may be used alongside a living trust to hold assets which could not be transferred into the living trust. The pour-over will only becomes effective after the death of the testator.
Holographic Will
Nuncupative Will
A nuncupative will is also known as an oral will, that is, spoken and not written. Most states also do not accept an oral will but for it to be valid in Long Island, New York, the oral will must have been made by a mariner at sea or a military personnel serving at a time of war. However, at least three persons must attest to have witnessed the testator uttering the words of the oral will.
What Happens When One Dies Without a Will in Long Island?
Every will must be probated in a law court after the testator’s death, to determine if the will meets the requirements of the law.
When a person dies without a will, or the will fails to meet the requirements of the state law, the decedent’s estate becomes intestate. The intestacy law of New York binds every borough therein, including Long Island, and it demands that the heirs of an intestate estate must be the closest surviving relative(s) of the decedent. In that case, if the decedent had wished for an unrelated party or charitable organization to benefit from his estate, such wishes becomes null and void.
Speak With a Lawyer
Nevertheless, whether or not you need to create a will depends on your wishes. You may desire to quietly give off all your property to an individual at your death without having to go through the publicity and stress of probate. Here, a will may not be needed. What you require may be only a pour-over will alongside a trust.
To be on a safer side, kindly contact a Will Attorney Long Island for professional guidance.