Preparation of Wills are a Necessary Part of Life Planning

We don’t like to think about it, but the reality is that every one of us will die at some point. When that time comes, if we haven’t taken the time to prepare a Will, things may not go in our and our loved one’s favor.

There are many reasons why it’s crucial to have a Will in place. Here are just a few:

1. Designate who will inherit your assets and property.

The main benefit for New York residents is having control over who inherits the estate and possessions of the deceased. When a deceased individual is without a valid Will, the law says they have died “intestate.” Intestacy gives the government the authority and control as to how your estate is divided. Under New York’s default inheritance law, the surviving spouse will get the first $50,000 and half of the remainder. The rest is then divided equally among the children of the deceased. The issue is that intestacy can go against the deceased’s wishes. The deceased may have wanted the entirety of the estate to go to their spouse or they may have wanted a little more or a little less to go to their children. Additionally, some people may want to include a charity or a friend in their Will. Without a Will this is not possible. A Will gives you the ability to specificy exactly how you would like to distribute your assets.

2. Appoint a guardian for minor children in the event that both parents die.

Ensuring a trusted loved one or friend resumes guardianship of your children is one of the main reasons young parents draft a Will. If a guardian is not appointed by the time of the parents passing, there is a good chance there may be a possible argument in court over this issue, which certainly would not be in the best interest of the minor child.

3. Designate an executor of the Will

Choosing an executor is not always easy. You must appoint someone you trust to be organized and responsible with your final communications. The executor should be someone who will handle the estate in a timely and professional manner. Many appoint an executor such as a close friend, relative or attorney. Appointing an executor is crucial since it reduces the chance of heirs fighting it out in court.

4. Save on estate taxes.

Currently the Estate Tax Exemption for New York is approximately half of the Federal Estate Tax Exemption. If the assets in an estate are over the New York Estate Tax Exemption amount, then the estate is taxed. This tax could create a burden for your loved ones. However, if the deceased has a testamentary bypass trust within his or her Will, a spouse can utilize the estate tax exemption amount and save considerably in estate taxes.

Wills are complex documents, and it’s easy for errors to creep in. Because Will processes are so strict and precise, even the tiniest mistake may invalidate a Will. As a result, it is strongly advised and almost always required that an attorney draft and properly execute a Last Will & Testament. For a reliable and affordable estate planning attorney visit www.mavrospanagoslaw.com for a free consultation to assist you in your estate planning needs.

Contact Us

Eleni Mavros Panagos, Esq.

Mavros Panagos Law

200 Broadhollow Rd., Ste. 207

Melville, NY 11747

(516) 447-0455

info@mavrospanagoslaw.com