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Planning a will

On Behalf of | Aug 4, 2017 | Estate Planning And Probate

While the idea of planning a will is not generally pleasant, it is a necessary step for people in New York who want their wishes to be honored after their death. The will often involves important matters such as the care of children, as well as the division of large and small assets. Therefore, it is important to understand the process thoroughly in order to ensure that it is a valid legal document.

The first step is choosing who will be involved in the will, including beneficiaries, witnesses and the executor. According to U.S. News and World Report, witnesses may have to testify in court if the will is contested. Therefore, they should be trustworthy, and they must be over 18 years old. Beneficiaries to the will do not qualify as witnesses. The executor is responsible for carrying out the details of the will. Since it is a difficult and tedious task, some people appoint a bank or other institution to carry out this job, rather than a specific person. The beneficiaries are the people who are going to receive the assets laid out in the will.

According to ABC News, the will itself could include more than just large assets. It could also stipulate the allocation of sentimental items or family heirlooms. Additionally, the will could include a letter for loved ones to read after the benefactor’s death. It should be stored in a safe location, and someone trustworthy should know where it is kept. Each state has its own set of laws regarding wills. Therefore, an understanding of New York’s specific regulations is necessary to ensure that a will is drawn up legally and accurately.