A last will and testament, is a very common estate planning document that ought to be included in your estate plan. Before creating a last will and testament, it is crucial that you understand what it is and how it works.
What is a Last Will and Testament?
A will and testament are one of the most important documents in estate planning. An estate plan without a will is incomplete! For an estate plan to be deemed an estate plan, there has to be a will, at least.
A will is a document that contains the wishes of the estate owner. This document usually contains the names of all estate beneficiaries, the deceased assets, the name of the estate executor, including other important information regarding the estate of the deceased. An individual’s last will and testament states what to do with assets, whether the descendent wants to leave them to another individual, a group or gift them to charity, and what happens to other things that they own.
After the death of the estate owner, the estate executor is to submit the will to the probate court to begin the probate process. In the event that the deceased failed to draft a will, the estate of the deceased will be shared based on the intestate laws of NYC. If you need to draft your will, don’t hesitate to contact an estate planning lawyer NYC.
How does a Last Will and Testament Works in NYC?
Of course, a will is a household name. It is often mentioned on the TV, on social media platforms, and the likes. However, even with the popularity of a will, only a few are aware of what this document really not to speak of how it works. You see, understanding how a last will and testament works is not a big deal. And it is very important that you do regardless of your age.
A last will is drafted when an individual or estate owner is still alive and its instructions are executed once the person dies. In a will is the name of an executor who is a still-living person. The estate executor is charged with administering the estate. If the estate should enter probate, the executor will be in charge of the process.
A will and last testament are the core base of an estate plan and is a key instrument used to ensure that all regarding the estate is done according to the wish of the deceased. Worthy to note is that, there is more to an estate plan than just a will. A will is the document a probate court uses to guide the process of settling an estate.
Assets that are not already designated by a beneficiary, like life insurance policy or qualified retirement plan, are not added as probate assets and are transferred straight to the beneficiaries.
Precisely, a will and last testament give the court a clear insight into how the deceased wants his or her assets to be distributed, including who is to get them and what portion. This document make provision for guardian who are charged with catering to minors of the deceased.
Dangers of having no will and testament in your estate plan
When an individual kicks the bucket without a will, the person is said to have died intestate. This means that the state automatically becomes the executor of the estate. For instance, if a residence of NYC dies without creating a will, the government of NYC automatically becomes the executor of the deceased estate. Thus, in settling the estate, the state will choose how the assets will be distributed, including who gets payment first. This is usually done without any consideration for a family’s circumstances.
Any blood relative can decide to stake claim to the estate. In addition, the court can go ahead and establish guardianship arrangements for the children of the deceased. However, this is always meticulously done to ensure that the children are well catered to. In the event that a court feels that a will is not well drafted, it can deem it invalid. In that case, the settlement of the estate will be done according to the intestate law of the state.
Do you want to create a last will and testament but don’t know how to? Contact our office for help. Our estate planning attorneys can help you draft a last will and testament that suits your circumstances.
