Wills and Probate

Why You Should Have a Will:

• By creating a Will, you can maintain control over how your assets will be distributed upon your death.

• Should you not execute a will, you will have no say in the eventual disposition of your assets. In fact your assets may be paid to the state if none of your heirs are found.

• Without a will your assets will pass according to New York State intestacy laws.

• Intestacy laws generally require that upon your death your assets will pass to your closest living relatives in equal shares according to their degree of kinship.

Benefits of Having a Will:

• A will allows you to control how your assets are distributed upon your death.

• A will permits the testator (the person creating the will) to select the fiduciaries - executors, trustees, guardians of any minor children upon the death of a surviving parent.

• If the testator wishes to make a special provision for a beneficiary who is disabled or under the age of majority, a trust can be created within the will.

• Wills allow for tax planning for married couples, resulting in significant tax savings.