New York Wills are the most important estate planning tool for most New York residents.  A will is simply a legal document that directs how your property is to be distributed after your death.

Many people die intestate, or without making a will.  This is usually a bad idea, though, as the State of New York will decide how your money is distributed instead of you.  Intestacy can be avoided by drafting and executing a will.  In New York, a will should be written and signed in front of an attorney.  Two witnesses should be present as well to verify the signature.  This will prevent people from challenging the validity of a will after your death.

Wills in New York range from simple to very complex.  Most people only require a straightforward will, even if they are worth as much as $1 million.  People with a net worth of $5 million or more will want to explore the use of trusts or more complex methods of disposing of their property.  Someone in this category should consider a gift to charity, as this will reduce their taxes as well.

New York wills are important, and must be probated by the Surrogate’s Court upon the death of the individual who made the will.  For more information about drafting a will, please contact a lawyer.

Feel free to contact Eric at Eric@nyhomelaw.com

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Filed under: Wills

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