Trusts and Wills / Estate Planning
A Will and/or Trust provides a flexible plan for your estate needs. It seeks to preserve your estate and preserves your instructions and wishes. Finally, an effective will protects against will challenges.
Do I need a Will if the laws of the intestacy will control and I agree with the result they provide?
When a New York State resident dies leaving no Will (intestate), the assets of the decedent will be distributed under New York Estates, Power and Trusts Law ("EPTL").
EPTL Artile sec. 4-1.1 provides that an estate will be distributed as follows:
(a) If a decedent is survived by: (1) A spouse and issue, fifty thousand dollars and one-half of the residue to the spouse, and the balance thereof to the issue by representation. (2) A spouse and no issue, the whole to the spouse. (3) Issue and no spouse, the whole to the issue, by representation. (4) One or both parents, and no spouse and no issue, the whole to the surviving parent or parents. (5) Issue of parents, and no spouse, issue or parent, the whole to the issue of the parents, by representation. ....and so on
There are a number of benefits to the execution of a will even if you agree with the general intestacy law. A Will allows you dictate who gets the specific property you own. Also, a will is strongly advisable if there are bequests (gifts) to minor children. Without out a will that accounts for minor children the Court would have to be involved until the child reaches 18 years of age. A will can dictate that the executor you appoint will be tasked with providing for the needs of the child without court intervention (and the additional cost of Court process) until a specific age you request, whether that be 18, 21 or 25.
Within this practice area we can provide the following services:
- Drafting Wills and Trusts
- Power of Attorney
- Health Care Proxy
- Probate Proceedings and Litigation