Your Last Will & Testament
A “Last Will & Testament” is a document your attorney drafts, in which you dispose of your assets and designate an executor to manage the distribution of your assets to the individuals you identify in your will. You can also provide for other matters, such as distributions to charities, burial or cremation instructions, and guardianship for minor children.
Guardianship decisions are complicated, and an essential part of estate planning for persons with minor children. You will can also provide financially for persons you designate as a guardian, either through a living or a testamentary trust. After the death of the person who executes the will, the executor opens your estate in Surrogate’s Court and gathers the assets in your estate. The executor also must pay the claims of creditors, distribute assets to beneficiaries according to the will, and take the necessary steps to bring your estate to a close.
Wills are an essential part of a sound estate plan. Even if you think you have provided for all known assets in a trust, or otherwise outside of a Will, there are still reasons to have one. Most wills contain what is called a "pour over" provision. This means that any and all assets not specifically distributed outside of a will would "Pour over" into an inheritance or distribution of some sort. This could be a trust, or it could be to a specific person such as a spouse or child.
If you would like to discuss a Last Will & Testament, or estate planning generally, please schedule an initial consult with us today to speak with an attorney. You can also call us today to speak with an attorney.