NY Wills — Why you need one and the Role of an Executor

A will is one of the basic doc­u­ments that you will need for your estate plan­ning. If you die with­out a will, New York State Intes­tacy laws will dic­tate the how your estate shall be dis­trib­uted in addi­tion to the method of mak­ing such a dis­tri­b­u­tion.   This can have dra­matic consequences.

A will allows you to make deci­sions on dis­trib­ut­ing your prop­erty fol­low­ing death. With a will you can:

• Name your ben­e­fi­cia­ries, who will receive your property.
• Appoint a per­sonal guardian to raise your minor children.
• Estab­lish trusts, such as a child\‘s trust.
• Name an Executor.

The Execu­tor

The Execu­tor is the per­son who you decide to admin­is­ter your estate and carry out the terms of the will. The Executor:

• Decides whether your estate needs to do through probate.
• Pro­bates the will if necessary.
• For the year fol­low­ing death, takes care of all your property.
• Dis­trib­utes all of your property.
• Pays all taxes.
• Is respon­si­ble for the account­ing of the estate.

Why a Will is Impor­tant for Estate Planning

Even if you decide to dis­trib­ute most of your estate through other vehi­cles, such estab­lish­ing a liv­ing trust, it is still impor­tant to have a will. Why?

• If you acquire prop­erty shortly before death and fail to make changes to other por­tions of your estate plan, if you have will,  the ben­e­fi­ciary you choose will inherit the asset.
• Name some­one to take care of your chil­dren under the age of 18.

You may need only a will if:

• You own only a small amount of  property.
• Your sole con­cern is to pro­vide for your minor children.

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