One of the best things you can do for your loved ones is to create a will. This is a legal document that details what you want to happen to all of your assets upon your death. Thinking about your death is never easy but in order to protect everything you worked for during the course of your life, creating a will is absolutely something you should do. The time after your death can be very overwhelming for your family members because there are so many details that must be figured out and a will can ease some of the stress.
A will should include any monetary and physical assets. It should detail who your beneficiaries are and who you want to inherit what assets, whether it be a piece of real estate property or a sum of money. You can include anything from a house or a boat to something as simple as the couch in your living room. Whatever the case may be, it is important that you determine the future of all of your assets.
In some situations, you may want to make sure one of your beneficiaries does not receive their inheritance until a certain time period. For example, maybe your child or grandchild will receive their inheritance upon graduating from college or once they reach a certain age. You may feel as though someone will not be responsible enough to have access to their inheritance until they are older so this may be an option to consider when you have young family members.
If you fail to prepare a will, you are considered intestate upon your death. In this situation, the state of New York will determine who your beneficiaries are through the process of intestate succession. If you are married, your spouse will receive part of your assets and the rest of your assets will be given to other close relatives that can include parents, children, siblings, etc. It is important to know that the state will not consider any friends if you die intestate.
If you have questions regarding how to prepare a will, contact an experienced wills, trusts, and estates attorney today.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.