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Estate Planning is an area of the law that generally includes wills, beneficiary deeds, trusts and powers of attorney. Drawing up a will is a very important aspect of estate planning
Simply put, a will is a document that directs how your property is to be distributed upon your death. It must be drawn up and signed with certain formalities such as the correct number of witnesses, a proper signing ceremony and so forth.
A will that does not comply with all of these requirements can be successfully contested and set aside. If that occurs, the decedent's property is distributed as set forth in the New York statutes which may be contrary to the wishes of the decedent.
A will also appoints an executor for your estate, may establish trusts for your children and name a trustee for those trusts, names guardians for your children, and so forth.
A will can be amended or revoked up to the time of death, or until a loss of mental capacity.
Failure to have a will may result in your property being distributed according to state law and a court may select an administrator for your estate and a guardian for your minor children. The Court-appointed administrators and guardians may not be the family member or friend that you would have chosen to handle your affairs. Moreover, dying without a will can be costly and may complicate the transfer of your property to your heirs. For example, the estate may have to pay bond premiums if there is no will stating that you don't require executors and guardians to post a bond. In addition, estate administration proceedings without a will may delay transfer of property to your heirs.
Although wills can be prepared and executed without the assistance of an attorney, it is not advisable since the statutory requirements for the execution of a will are strictly construed by the courts, and any failure to comply with all of the requirements may prove fatal to the validity of the will.
Accordingly, you may wish to consult with an attorney when considering a will. John Kokolakis and his support staff at Kokolakis & Associates, P.C. have experience in drafting and executing wills, and we are readily available to meet with you to discuss your particular concerns, needs and desires.
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