Writing a will can be daunting for some New York family members. It’s common to want to ensure your final wishes are carried out as you desire. Consider essential factors before writing your will on a napkin. The napkin would be a legal document. However, probate laws could overwrite an informal document through a court ruling.
Estate planning is not purely financial. It also plans futures for minor children, financial decisions, advance directives, pet placements and distribution of other sentimental possessions.
The soundness of mind is a common issue raised during will probate proceedings. Knowing what challenges or contests might oppose your final wishes is an excellent way to understand what to include in your will and how to make it ironclad.
Who’s in charge of your estate?
A will is a legal instrument bound by law and often challenged by family members, creditors and others with interest in your estate. Appointing someone, such as a family member or friend, to act as executor ensures your estate executes as you dictate.
Executors handle the legal processes, including probate, estate administration, and the payment of taxes and other obligations. It’s wise to choose a person that is trustworthy and will act in your best interests.
Adding final arrangements to your will
Estate planning concerns every aspect of your legacy, including funeral and burial wishes. Often families aren’t sure of their loved one’s desires and are filled with angst about what to do.
Documenting your final wishes with a will is comforting and makes good business sense. A will provides direction to your executor, who will protect your estate against certain issues. Family unity is a crucial benefit; a will helps family members make clear decisions at the appropriate time.