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New York City Will Drafting Lawyers

Although it may be difficult to think about death, there are certain things that should be set in place to protect your belongings after you pass away. Most people have a will that specifies who will receive their belongings after they die. A will is a valuable commodity because it gives you the ability to state who will get your assets after you pass away. When you don’t have a will, New York will appoint an administrator to distribute your assets in accordance to the law. The best way to ensure your wishes are met after you pass away is to retain help from a legal professional with knowledge and experience drafting wills.
What are the Different Types of Wills?
There are several variations of wills that are made to meet different needs. The kind of will you want may be influenced by the amount of assets, the size of the estate, children, and other factors.
Self-Proving Will
This is the most common type of will and requires at least two witnesses who will attest the will was signed by you. According to New York law, a will must be self-proving, which means it must be signed with at least two witnesses present.
Pour Over Will
This type of will is usually seen with individuals who have a trust included with their estate plan. If you have a pour over will, the property that is part of your estate will transfer into your trust. A trustee, which you appoint during the will drafting process, will distribute the estate and assets among the beneficiaries.
Reciprocal Wills
Reciprocal wills are a combination of two wills from individuals with similar wishes. With these wills, individuals will leave one another all or most of their estate and assets. In most circumstances, reciprocal wills are drafted for married individuals or those with significant others. However, reciprocal wills can also be used among siblings or business partners.
Joint Will
A joint will is similar to a reciprocal will because it is also made by two individuals. It states if one individual dies, the other will get the deceased’s estate. A joint will also enables individuals to decide where common property will be distributed after the death of the first testator.
Holographic Will
This type of will isn’t self-proving, which means it is written by the testator, but there are not witnesses present to validate the authenticity of the will. Although there are limited instances where a holographic will is valid in New York, most holographic wills are deemed invalid.
Nuncupative Will
A nuncupative will is not self-proving because it is spoken, so this type of will doesn’t typically follow the requirements of the law in New York. However, there are exceptions. When individuals in the armed forces declare a nuncupative will during war, then it will be seen as valid in New York.
Drafting a Will: What are the Steps?
There are steps that you should take when you draft your will that can help ensure it is deemed valid and your assets are protected. These steps include:
1. Decide What Will Be Included
The first step is to decide what will be included in your will. When you begin to draft your will, you should list major assets such as property, financial accounts, and other items of value.
2. Name Your Beneficiaries
You will need to write down any beneficiaries who will attain your assets after you pass away. A will allows you to leave your assets to whomever you wish.
3. Name an Executor to Your Estate
An executor of an estate is the individual who is accountable for making sure your requests are carried out. Executors will pay off any outstanding debts, pay remaining taxes on property, notify creditors of your death, and many more responsibilities.
4. Name a Guardian for Your Children
When you are drafting your will, it is important to name a guardian for any minor children. There are many factors to consider when choosing a guardian such as parental experience or religious beliefs. Your child’s personal guardian will be responsible for the care of your child until he or she is of legal age.
5. Name a Guardian for Your Children’s Property
If you have children, you will also need to name a guardian for your children’s property. This individual is known as a guardian of the estate, and he or she is responsible for the management of the children’s property and assets until they are of legal age.
6. Draft Your Will
You will need to have your will written in a clear manner, or there could be a risk your will is subjected to a will contest or estate litigation. For this reason, it is imperative to seek help drafting your will from an experienced attorney.
7. Execute the Will
According to New York law, there must be at least two witnesses who also sign the will. In addition, it is also required for the witnesses to be present when you sign the will, and the witnesses must be adults. You must also be of sound mind and memory. According to New York law, sound mind and memory means you must not have any conditions that hinder your mental capability, and you must be fully aware and understand the conditions of the will.
If you need help drafting your will and are in the New York City area, contact Raiser Kenniff, PC today.