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Do you have a will in place? Although it's not a topic we all like to dwell on, wills are an important part of making sure that your assets are properly distributed after you pass away. Here are a few of the most frequently asked questions regarding wills, according to the American Bar Association.
What Does a Will Do?
A will provides instructions on how to distribute your property after you pass away. With a will, you can dispose of property as you choose. By reviewing your beneficiary designations, you can determine who will receive your properties after your death.
What Happens If You Die Without a Will?
If you do not have a will in place, New York State laws dictate how your assets are distributed and who receives your property by default. In many cases, the assets will be distributed to spouses and children. Many people are not happy with the state's predetermined plan, and prefer to have a plan that suits their personal preferences.
What Does a Will NOT do?
Wills do not govern non-probate properties. This includes real estate and other assets owned with rights of survivorship. Similarly, IRAs and insurance policies payable to named beneficiary pass on to said person regardless of what is state in your will.
How Do You Excute (Sign) a Will?
All wills need to be signed in the presence of a witness. Our attorneys are here to help you through the process and make preparing and executing your will simple.
What is a Living Will?
Living wills are a written expression of how you want to be treated in certain medical circumstances. This can include life-sustaining treatments in hte event you are terminally ill or injured. This document gives you the opportunity to determine in advance whether you wish to be provided with food and water via intravenous devices and to give other medical instructions that dictate how you wish to be cared for.
Read more FAQs regarding wills and estate planning on the American Bar Association website.
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