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The Importance of a Will and Estate Planning In New York

Estate Planning - Do I Need a Will?
Yes. If not, New York State has prepared one for you -- but it might not say what you want. You should see a lawyer to talk about the terms of your estate plan. There are choices to be made, and a lawyer can help make sure that you consider as many of them as possible.

Even though you might not have to do any estate tax planning (because of recent helpful changes in the estate tax rates) there are still important things to be decided -- such as your choice of guardians for any minor children, the executor of your will and special provisions for ill or disabled beneficiaries.

The cost of a will is determined by how complicated it is. Drawn properly and reviewed periodically to keep it up-to-date, a will can save loved ones a great deal of time, trouble and money.


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    DID YOU KNOW ?

    If I Give My Child A Durable Power Of Attorney, Do I Still Need A Will

    A durable power of attorney is a powerful and useful document for allowing someone, known as the attorney-in-fact, to handle your estate during your lifetime.

    The authority of the attorney-in-fact terminates upon your death, however. Therefore, your child would not be able to use the durable power of attorney as authority to distribute your estate.

    Will Other States Honor A Will Drafted In New York

    Generally speaking, a will that is validly executed in the state in which it was drafted will be considered valid by other states.

    Talk to our New York Wills Lawyers for these above topic details.

     

     
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