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Question: Do I really need a Will?
Answer: A Will gives you peace of mind and some control over the final affairs of your life. It
allows you to distribute the property you have worked so hard for in the manner you wish.
Even if you don’t have much property, items of sentimental value are just as important to
distribute properly if not more so. It allows you to name a guardian for your child or children
in case one or both spouses die unexpectedly. It allows you to name the person you want to
handle the final affairs of your Will. You can even provide for the care of a valued family pet in
your Will.
All in all, a Will allows you to make some important final decisions for yourself and your family
in the manner you would have wanted.
. . .
Question: When is a good time to do my Will?
Answer: Now is often the best time. Many Americans wait too long and end up with no end-
of-life documents at all. It's often difficult to think about our own last days. However, the
sooner you get it done, the sooner you and your family will enjoy the peace of mind that
comes with fulfilling this important responsibility.
. . .
Question: Should I do my own Will using a printed form or computer software program?
Answer: Unless you have the requisite knowledge, skill and experience, we do not
recommend it.
The law requires that Wills follow certain legal formalities and meet certain legal
requirements otherwise they will not be legal or binding. These formalities and
requirements vary from State to State. If you, or the form or the program, make a mistake, you
may end up with a document that is neither a valid nor a legal Will. You would have this nice
looking document that is essentially useless but you would never know it. In addition, it is
unlikely that you will have the knowledge and expertise to best customize a Will for yourself
and that also meets your overall personal planning objectives.
There is no reason to take chances like that when you can get a customized and reasonably
priced Will from a qualified New York State Lawyer. If you still want to do your own Will,
seriously consider having a New York State Lawyer double-check it as a precautionary
measure.
. . .
Question: Who determines how my property is distributed if I die without a Will?
Answer: If you die without a Will, you will not be able to determine how your property is
distributed. Your property will be distributed according to the laws of New York State. In the
formula they use, it will depend on whether you have a surviving spouse, children,
grandchildren, parents, grandparents etc.
. . .
Question: What if I die without a Will and leave a young child / children?
Answer: If there is a surviving spouse and your child is under 18, the Court will probably
appoint the spouse to be the guardian of the child’s share of property. The Court may require
that the surviving spouse post a bond, which requires the payment of bond premiums. The
Court will require prior approval before the surviving spouse can spend those funds on even
the basic needs of the child such as clothing and education. The surviving spouse may have
restrictions on how those funds can be invested. An annual account of income and
expenses is required.
If there is no surviving spouse (e.g., both parents die simultaneously), the Court will try to
figure out who should be the guardian for your child. The guardian of the child’s property
need not be the same person as the guardian of the child, the one who has custody.
. . .
Question: Who can be the executor for my Will?
Answer: It can be a relative, a friend, your lawyer, or a financial institution that handles
estates. It should be someone you trust and has the willingness and capability to follow your
instructions. You can only choose your executor if you do your Will. Otherwise, someone will
be chosen for you to administer the final affairs of your estate.
. . .
Question: Is it frivolous to include instructions about my pet in my Will?
Answer: No. For many of us, our pets are as much a part of our family as our children. They
are loyal companions and serve us well throughout our lives.
One of the benefits of making out your Will is that you will have a sense of peace knowing that
you have arranged for the care of those you love in the event of your passing. So, if a pet is an
important part of your life, there is good reason to include instructions about that pet’s care
should you not be here for them.
If you select a caregiver, you should let that person know and gain their permission to be
named in this fashion. And, it would be prudent to allocate some funds in your Will so that
your named caregiver has the resources to care for your pet in the way that you instruct.
. . .
Question: Can a Will reduce my estate taxes?
Answer: Yes, proper planning around the federal and New York estate taxes can lower or
eliminate your estate tax burden. In addition, although it is not widely known, you can also
choose which one of your beneficiaries pays the estate taxes.
. . .
Question: How often should I review or revise my Will?
Answer: It ‘s a good idea to periodically review all of your important life documents. If you
can do that annually, you are in good shape. In addition, you should consider reviewing your
Will during important life events such as marriage, divorce, a new child, death of a family
member, purchase or sale of a new home, new job, an inheritance etc.
You should have an Attorney review your Will as you may not understand the significance of
how certain events may affect your end-of-life planning needs.
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