There may be no doubt that you wish for your children to inherit most or all of your estate in the event of your unfortunate passing. However, your word may only go so far in the eyes of the New York State surrogate’s court. That is, you may have to put down this explicit wish in writing; specifically, in a Last Will and Testament. Read on to discover why it is important to your children that you make a valid and enforceable will and how a seasoned Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC can help you execute one.

Why is it pivotal for my children that I make a will?

Even though your children are considered your direct descendants, this does not necessarily mean that they automatically inherit everything at the time of your passing. This is, unless, you clearly instruct this in your Last Will and Testament.

Sadly, if you die without making a valid and enforceable will, you may die intestate. Meaning, your assets that pass through the New York State surrogate’s court may have to undergo intestate succession. With the state’s intestacy laws, your children may be allowed to inherit everything only if you do not have a spouse. But if you have a spouse, they may inherit the first $50,000 worth of your intestate property, in addition to half of the balance of your intestate property. Then, your children may be allowed to inherit everything else, split evenly between them.

What are the other benefits of making a will?

To reiterate, making a Last Will and Testament may give you control over which specific assets each of your children should inherit at the time of your passing. What’s more, this estate planning tool may allow you to exercise control in the following ways:

  • You may control who gets to manage your estate until it is time to administer its assets (i.e., you can appoint the executor of your will).
  • You may control who gets to be the legal protector over your minor children, their inherited finances, and their inherited properties (i.e., you can appoint guardians).
  • You may control when the executor gets to administer your assets to your children (i.e., you can have them wait until your beneficiaries reach a mature enough age).
  • You may control how the executor gets to administer your assets to your children (i.e., you can have them conduct staggered or lump-sum payment plans).
  • You may control the amount of assets each of your children is set to receive (i.e., you can make designations based on need rather than an equal division).

In conclusion, you should not proceed with any will preparations without the strong legal representation of a competent Putnam County estate planning attorney. So contact our firm, the Law Office of Andres D. Gil, PLLC, today.