Should You Have A Last Will & Testament?
Benefits To Having A Will:
A Will dictates how your assets will be passed to your beneficiaries,
and it allows you to control how your assets are distributed
upon your death.
A Will permits you to select the fiduciaries such as executors,
trustees, or guardians of any minor children. These fiduciaries
help manage your estate upon your death.
In the case of minor or disabled beneficiaries, a Will allows
you to make special provisions for those beneficiaries, such
as by placing assets in a trust.
With the proper planning, a Will can provide tax benefits
and savings for married couples.
Without a Will, your assets will be distributed in accordance
with New York State intestacy laws, even if not in accordance
with your desires, and you will be subject to the statutory
plan and have forfeited the right to make your own plan.
Other Important Information About
Wills:
The same type of Will may not be appropriate for everyone.
A Will should be created based on each individualâs
specific needs (such as assets and family situations).
It is important to consult with someone who knows about Wills
and the execution of Wills, to ensure proper execution and
compliance with the statutes of the state you are in, and
to ensure that the document will be accepted by the Probate
Court.
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