When Do I Need a Will? Our Estate Planning Lawyer Weighs In
Understanding when to create a will is crucial for effective estate planning. At Morgan Legal Group in New York City, our estate planning experts guide you to ensure your assets are protected, and your wishes are honored. Here’s what you need to know about the right timing for drafting a will.
Understanding the Importance of a Will
Explain what a will is and why it is a foundational element of estate planning. Discuss how a will helps to distribute your assets, appoint guardians for minors, and even provide directions for your personal and financial matters after your passing.
Life Events That Trigger the Need for a Will
Detail specific life events that should prompt the creation of a will, including:
- Marriage or remarriage
- The birth or adoption of a child
- Purchasing a home or other significant assets
- Starting a business
- Retirement planning
The Legal Ramifications of Not Having a Will in New York
Discuss the consequences of dying intestate (without a will) in New York. Explain how assets are distributed according to state laws, which may not align with the deceased’s wishes, and the complications that can arise for unmarried partners and stepchildren.
Updating Your Will
Discuss the importance of updating your will in response to life changes such as divorce, the death of a beneficiary, or significant changes in financial status. Provide guidelines on how often to review and update a will.
Choosing Executors and Guardians
Provide advice on choosing the right executors and guardians, stressing the importance of selecting individuals willing and able to carry out these duties.
The Role of an Estate Planning Lawyer
Explain how an estate planning lawyer can assist in drafting a will that meets legal requirements and aligns with the client’s wishes. Highlight the benefits of professional legal advice.
As an estate planning lawyer, one of the common questions we are asked is, “Do I need a will?” The short answer is yes, everyone does.
Often, clients do not think they need a will until they are much older, but that is not the case. A will divide your properties and assets according to your wishes.
If you pass away unexpectedly and do not have a will in place, the state will decide who receives your assets and property.
No matter how old you are or your financial situation, our estate planning attorney in NYC can help and provide you with the guidance you need. Do not hesitate to call us today!
Estate Planning Lawyer: You Need a Will
In short, everyone should have a will, but not everyone does. Below, we will discuss some situations in which you should have a will. Should you need help creating one, our estate planning lawyer can help.
Have Children
If you have children, you must have a will in place. At some point, your children will likely inherit your assets and items. You must write down if you want your children to receive any part of your assets or wealth.
Even if you do not want your children to inherit your wealth, you must ensure it is in writing. Remember, your children cannot see your will, so no one knows what you put it in except you and those you designate to see it.
One of the nice things about establishing a will now is that you can change it anytime. For instance, you have grandchildren who were born, and you want to designate money for their future. You can write it out in your will and make sure it happens.
You’re Married
If you are married, you will want to have a will in place, especially if you want your spouse to inherit your assets. While this is not something that you want to leave up in the air, in most cases, your spouse will inherit your assets.
If you do not want your spouse to inherit your assets, you can appoint someone else to receive them. This information needs to be placed in your will to honor your wishes once you pass.
Get in Touch with Our Estate Planning Lawyer in NYC Now
Deciding when to create a will can be tough, but you should always have one in place, especially if you are married or have kids. You should also ensure you have a will if you have a lot of money or wealth.
If you are single without any kids and no assets, you do not necessarily need a will right now. Your will lets others know where your assets should go, so there isn’t much need for a will if you have no assets.
If you need help planning out your future or creating a will, our estate lawyer is here to help you. Call Morgan Legal Group PC today at 212-561-4299 to schedule a consultation.