What are Important Parts of Writing a Will in New York?

What are Important Parts of Writing a Will in New York?

It is important for every person to have an estate plan created at some point in their life. This is because it protects their assets in the event of their death. Part of the process of creating an estate plan often includes writing a will. This is a document that designates what a person wants to happen to their assets when they die or if they ever become incapacitated. When dealing with such an important matter, it can be beneficial to retain the services of an experienced New York estate planning attorney for assistance. 

How do I Start a Will?

Writing a will starts with the decision regarding who will draft the important document. It is usually in a person’s best interest to have an attorney do so for them, so that they know the process was done correctly and no mistakes were made. While this is true, it is possible to do this process on their own, as there are several kits to accomplish this. However, when making this decision, it is important to be aware that it has the potential to result in a variety of legal pitfalls. Something as simple as misphrasing can cause a document to become invalid. 

Throughout this process, an executor should be chosen very carefully. This is a person who is trusted with the job of administering the estate once the creator passes. As this is an important role, they should be an individual who will respect the deceased’s final desires and act in their best interest. In many cases, people choose their spouses or children. 

What is a Guardian?

When parents have children under the age of 18, they most likely want to include protections for their children within their estate plan. This can be done by appointing a legal guardian within the will in the event of death or incapacitation. If this is not done and a guardian is not appointed, the court can decide who will take this place if the parents pass away. It is important to choose a guardian who is best for the children so that they are protected.

What is a Trustee?

A trustee is a person who takes care of the finances within a trust. This is done on behalf of a beneficiary that is underage until they reach an age where they can do so themselves.. This person is given the right to manage investments, money, and property.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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