Why is having a will so important?
It is a legal document that outlines your wishes regarding the distribution of your property after your death. Without a will, your money and property is divided pursuant to New York Administration Laws. This may not be how you want your assets divided. This gives the courts the right to decide who gets what. A will should also spell out other important considerations like a guardian for minor children or perhaps to create a trust in order that your money is not distributed all at once but perhaps spread out over time. Most adults do not have a will. A simple will is quick and easy to obtain, simply call Ganolli Law to set up a complimentary initial consultation to discuss your final wishes and to start the process of giving yourself peace of mind that your affairs are all set up.
Wills are not just for the rich and wealthy. Regardless of how much or how little money you have, a will ensures your wishes are heard. It states that whatever personal belongings and assets you have will go to family or the beneficiaries you name or designate. If you own a business, a will can help ensure a smooth legal transition of those assets.
If you have minor children, a will is a must. A will ensures that you get to choose your children's legal guardian should you pass before your children are of legal adult age. This can help to alleviate stress on your loved ones who would then need to commence a separate legal process in order to obtain guardianship, but most importantly you get to decide who would raise your child(ren) in a manner which you would approve of.
In your will, you name what is known as an executor, or the person you trust to have the authority to ensure that your wishes are carried out and to ensure that all of your affairs are in order from paying off bills to canceling credit cards. Naming a trusted executor can help to alleviate any fighting or concerns amongst the family as to who needs to take care of your affairs once you are gone. By designating this person ahead of time, this person is aware of their responsibilities and should be ready to step up immediately to ensure everything is run smoothly.
Another important benefit of a Will is that you can designate how you wish for your remains to be handled so that there is no confusion about your wishes.
As life changes, it is also best to revisit your last will periodically or upon certain major life events. Revisiting this document helps to ensure that your will still reflects your desires. Last but not least, the best of wills won't be any good if nobody knows how to find it. Make sure your family members and your executor know where your will is kept. It is also vital that your Will NOT be kept in a safe deposit box as a court order is needed in order to open a safe deposit box and you don’t want any unnecessary delay in ensuring your final wishes are complied with.
A quick call to Ganolli Law can provide you all you need to know about starting the process to getting your Last Will and Testament prepared as well as information on other useful legal documents which you may want during your lifetime, such as power of attorneys, living will and health care proxies.