4 Reasons Why You Should Have a Will

Creating a will is essential for almost everyone. Thankfully, making a legally binding Last Will and Testament New York is not complicated as it is believed to be. Moreover, having a will can help your loved ones from an ordeal with the state probate courts. They will then decide how to disperse the assets following the state rules instead of according to your wishes.

1-Find Someone to Handle the Affairs after You Pass On

You need to assign one honest and trustworthy person to be the executor of the estate. The executor is responsible for making the inventory of your assets and the property. They also make sure that all the taxes are paid and the assets are adequately dispersed. They can also inform the banks and creditors that you are deceased and also guide the estate through the probate court. Here it is critical to note that all the assets are officially dispersed through the probate court whether there is a will or not. But having a will in place makes the process a lot simple. If you don’t choose an executor, the state will appoint one for you. Then anyone can petition in the court to hold the position.

2-State Will Decide Who Get What in the Absence of a Bill

If you write an oral will, in which the final requests are spoken in front of witnesses, it may not be considered valid in the court.

Similarly, a document that is drawn up by you without the presence of witnesses may not have much legal bearing in the court. A formally prepared Will that’s signed by two or sometimes three witnesses can be the best way to ensure that your money and the assets are left to the heirs you intend them to leave to. The laws of intestacy vary from the state to state. But if there is no Will, the assets are usually awarded to the immediate family first, the spouse, children and the parents. If there is no remaining immediate family, spouse and the kids or children or grandparents.

3-Living in Community Property

Some states consider the property that is owned by a married couple as the ‘community property’. It means that any assets purchased during the marriage are owned equally by the husband and wife equally, including any debts that are there. If anyone dies without a Will, without specifying who gets what, the intestacy laws of the state will decide it for you.

4-Changing and Revoking a Will

If there is a change in the marital status or you decide that you would like to make changes to the name of the beneficiaries, the Will can be amended any time you want. You can draft a new Will or attach a Codicil to the existing Will. However, some states require the Wills to be notarized. Make sure to consult the intestacy laws of the specific state. But getting the Will notarized will only increase its legitimacy.

If you want to revoke a will by executing or creating a new Will, you can do so. Alternatively, the Will can also be destroyed by burning it or obliterating or mutilating it by the testator or the person acting under the direction of the testator and in the presence of two witnesses.

Finally,

When you are creating the Will, you need to stick to the guidelines. Use the correct language when creating the Will. By using the right language, you need to highlight the intentions specifically. New York Will form can be downloaded from various online service providers for free. Sign up now!