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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Once a family member or friend dies, the administration process of the estate begins.  Here are some basic questions that should be answered before going to your attorney’s office:

1. Provide the date of the will and check to see if there are any codicils to the will.
2. What state was the will drafted?
3. The names and addresses of executors and trustees.
4. Basic information regarding the birth and death of the person who died.  The person who died is called the decedent.
5. Provide birth and death certificates.
6. Review burial and funeral instructions.
7. Where did the decedent live?  For how long?
8. Provide a family tree of all family members.
9. Provide all addresses, telephone numbers, social security numbers, e-mail address for anyone who could possibly have an interest in the estate.
10. Information regarding the marriage, including date and place. If the deceased person was divorced, divorce papers and ex-spouse information.
11. Any known problems with the will?
12. Figure out if the family has any immediate needs.
13. Any employees? Find out their names and addresses.
14. Does the deceased person have any trusts?
15. The executors should make a list of all assets of the deceased person. The key here is to think expansively to include as much documentation as possible.  Some important assets include bank accounts, stocks, life insurance, social security, safe-deposit boxes, personal property, real estate.
16. The executors should also make a list of all liabilities.  This includes credit card debit, mortgages, loans and bills.

Follow this link for more on how I can help you with your estate planning  needs.

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