The majority of people do not like to think about death, let alone plan for it. However, it can be very beneficial to do. When a person plans for their death, they can prepare for what will happen to their assets when their life is over. This assures they will be passed down to loved ones of their choosing to be protected and looked after. This can all be done with the creation of an extensive estate plan.
When an individual creates an estate plan, they often write a will. A will is a document that acknowledges a person’s desires for their estate to be carried out when their life is over. It outlines how they want the assets to be taken care of and distributed. An experienced attorney can help individuals during this time to guide them through the process.
Why is a Will Important?
When a person reaches the end of their life, they often have many cherished belongings. These are things that should continue to be taken care of after the individual dies. This is done by passing the assets down through a will. When creating a will, the individual can specify where and to whom they want their assets to go to. By doing this, they can ensure that they are prepared and the assets do not fall into the wrong hands. It also makes sure there are no worries about where the assets would end up if a will was not created.
One of the most important reasons to create a will is to avoid dying intestate. When a person has a will, they are known as “testate.” When they die without a will, it is called dying “intestate.” When a person dies intestate, there is no written direction of where they intended their estate to go. Because of this, the deceased’s loved ones do not have control of their estate. Instead, the estate can be controlled by the state of New York. This gives New York the right to decide where these assets go. The assets are then generally distributed based on the state’s succession schedule. This schedule is dependent on the deceased’s surviving family members such as children, parents, grandchildren, and siblings. Each distribution is different and suits the family in question.
Contact our Firm
If you or a family member is looking to create a will for your estate and wish to speak with an experienced attorney, contact The Lauterbach Law Firm today.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.