What is a Will?
The term ‘estate planning’ often brings to mind the concept of a Last Will and Testament, also known as a Will. A Will is often a fundamental component in estate planning. Therefore it’s crucial to understand the essence of a Will.
Last Will and Testament
A Will comes into play when you are no longer here. It outlines how your estate should be distributed after you pass away. If prepared correctly, it should also nominate an executor. This person will administer your estate according to the instructions outlined in your Will. For parents of minor children, appointing a guardian is often one of the biggest motivations for establishing a Will. A Will allows you to nominate the individual you want to select to raise your children when you are no longer here. You may revoke and change your Will as often as needed or desired before you pass away.
The Consequence of Dying Without a Will
You might wonder what occurs if you pass away without a Will. Without a Will or proper estate plan, state law determines the distribution of your assets. Consequently, your true desires for your estate may not happen because the government steps in, distributing your estate according to the laws of the state where you last resided.
Who Needs a Will?
In short, every person over 18 years old should have a Will. The need for a Will isn’t dictated by age or wealth. Life can change quickly, and it’s smart to have a plan ready. Estate planning tools like Wills and Trusts allow one’s legacy to live on and make things easier for those you leave behind.
The best time to start making an estate plan, which may include a Will is right now. If you reside in New York, the Law Offices of Tracy R. Field PLLC is ready to assist you in creating a plan that meets your needs and goals. We invite you to schedule a Life, Family, and Legacy Strategy Session with us to delve into your estate planning options. Click the link below to schedule your Life, Family, and Legacy Strategy Session today.