At some point in your life, it is important that you draft out plans for the future. Death could come at any time, injuries or health conditions that could result in incapacitation as well. One of the best way to ensure that your estate is well managed and distributed after your demise is by planning your estate. While planning your estate, it is important that you set up the right legal documents. One of those documents is a last will and Testament.
What is a last will and testament? How does a last will and testament work in Bronx City? These are some of the question you need to ask before drafting a last will and testament. As you read further, I’ll reveal the answers to these questions.
Last Will and Testament, Bronx City
A last will and testament is a legal document that contains the wishes of the estate owner: that is, Instructions regarding his assets and beneficiaries. This legal document is also used to indicate how the estate owner wants his assets to be managed and distributed after his or her death.
In addition, contained in a last will and testament are the names of beneficiary of an estate, including the name of the estate executor. If the estate owner has little children, he or she could also include the names of guardians for the sake of the minors.
How does a Last Will and Testament Work in Bronx City?
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
Requirements For Validity of a will in Bronx City, New York.
A will in Bronx City, New York must adhere to requirements in order to be deemed valid. If these requirements are not adhered to, the NY will could be deemed invalid of contested after your demise.
Thus, it is important that you have your will drafted and supervised by an experienced NY estate planning attorney to ensure that it is valid at your death.
In Bronx City, New York, for a last will and testament to be valid pursuant to EPTL Section 3-2-1, a will
- Must be in writing
- Must be signed at the end by the Testator
- The testator’s signature must be attached in the presence of the witnesses or that the Testator must acknowledge his or her signature to each attesting witness
- Testator must declare to each witness that the document they are signing is his or her will
- Must be signed by a minimum of two attesting witnesses
The witnesses must sign and date the will within 30 days of each other and state their respective address. The law and requirements for creating a valid will in Bronx, New York, is very specific. For this reason, you need the assistance of an estate planning attorney when drafting the will.
Do you want to set up a last will and testament but don’t know how to go about it? Or do you need advice regarding how to create an ideal estate plan? Don’t hesitate to contact our office. Our estate planning attorneys are well versed in the laws and regulations of creating a valid last will and testament in Bronx city.