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Disadvantages of Dying Without a Will in New York

A Will is a document that details what a person wants to be done with their assets after death and a person’s final wishes. It appoints someone to be in charge of the estate, called an executor. The executor is usually an individual. However, it could be a bank or a trust company. The document becomes a Will when the court says it is a will after examining the document and proof that it was executed in accordance with the statutes that govern Wills.

When someone dies without a Will, their property does not necessarily go to the people that they want. The disadvantages of dying without a Will in New York can include your property being divided by intestacy. This means that the division of your estate goes according to a schedule set forth in the statute. It is important to contact an experienced Wills attorney to help you avoid any unwanted plans after your passing.

Dying Without an Existing Will

If a person dies without an existing Will, the disposition of their estate is determined by statute, which tells the designated administrator who inherits the assets in the estate. Sometimes a person has all of their assets in accounts with designated beneficiaries. These accounts are paid to beneficiaries regardless of whether a Will was written.

The disadvantages of dying without a Will include the inability to determine who Will receive their money, and it will be determined by the New York statute. Having a Will can also make disposing of assets much easier for the person designated to administer the estate. Anyone who is considering creating a Will should contact an estate planning attorney who can help make the process easier and can ensure that everything is done correctly and in accordance with the statute.

Contacting an Attorney

An attorney cannot draw up a Will for somebody and sign it for them. They can encourage people to have a Will and explain the consequences of not having it. A person can contact an attorney about writing a Will at any time. It is never too early to write a Will, but there are a number of life events that may signal that it is a good time to create one, such as getting married or divorced, having a child, receiving a major increase in income, or being diagnosed with a major medical condition.

There is no particular time to contact an attorney about a Will. If you have assets that you want to be distributed, you should have a Will. If you do not have anything, perhaps there is no need for a Will. It is better to begin your planning to avoid disadvantages of dying without a Will in New York, that can impact your loved ones after your passing. An estate lawyer can streamline the process for their clients by walking them through each step, be checking everything so that there will not be any problems when it comes time to execute the Will.