Estate Planning in New York

Planning for the future inheritance of heirs is something that most people put off until it is too late. Most individuals are depressed by the thought of their own passing and the family members they will be leaving behind. Many people do not think about the negative affects their procrastination could have on surviving family members.

Risk of Dying without a Will

Dying without a will in New York could create problems for children and surviving spouses. In the event that you are married but have no children your spouse will automatically inherit everything. If you are a person that has no other relatives this might not be a problem, but if you have siblings, parents, or cousins that depend on you financially they could face serious hardship.

If no will is present blood relations have no legal right to dispute the will. Estate planning in New York should always include arrangements for family members that the state would not automatically recognize as heirs. In the event that you have children but no spouse your estate will be divided equally among your children. If any of your children are deceased their children, your grandchildren, will receive their share. This can create bitterness and hardships for children that have cared for you and your estate but are now forced to share the estate with absent children or grandchildren who might not even have known you.

Preparing a Will in New York

The only way to secure a future for your heirs is to start estate planning in New York with an eye to ensuring stability after your passing. Make a valid will that will be acknowledged as long as you are of sound memory and mind. In order to be legally binding the will must be witnessed by two adults that will not be benefiting in any way by your passing and who understand that they are witnessing a will being prepared and signed.

Storing Your Will

A will is worthless if no one can find it so it is important that you store it properly. File the original of your will with your counties Surrogate’s Court. If you do not want your will to be a matter of public record store it with an estate planning attorney. Remember, before storing the original copy of the will away make copies and store them in your home. Make sure the individual you wish to act as executor knows where to find a copy of the will.

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