A will may seem like something you do not need to consider until late adulthood. However, there are numerous reasons why you need to have a will as soon as you are legally able, which in the case of New York State is 18 years old.
What Is a Last Will and Testament?
A Last Will and Testament is also called a Will. A Will is a written statement of what a person wants done with their property after they die.
A Will can have directions for how property should be divided and names an Executor to carry out those wishes. Wills can also appoint a guardian for their children.
The Will should be kept in a safe place where it will be easy to get to if it is needed. If a lawyer prepared the Will for you, you may want to discuss with the lawyer where to keep the original Will. In some counties, the Surrogate’s Court has a vault where Wills are stored for safekeeping until the person dies.
The Will must be filed in Surrogate’s Court and admitted for probate before the wishes of the person who died can be followed. If the person who died had less than $50,000 of personal property, then a small estate (also called a voluntary administration) can be filed instead.
Wills are a confidential document until the person dies. Once the Will is admitted to probate or a small estate, it becomes a public document that anyone can see and read.
Facts and Statistics
According to recent polling, less than 50% of American adults have a will adequately describing how their money and estate should be handled in the event of their death. This number drops to around 20% for American adults less than 30 years old.
Why Should I Have a Will Before Late Adulthood?
Planning for the unexpected can help ensure that the legal system aids in carrying out your wishes in your absence. The last thing you want to happen is to leave your loved ones with the burden of dealing with complications regarding your assets. If you do not define the people you wish for your possessions to go to, this can turn into a long and complicated legal process. At the Falcone Law Firm, our estate planning experts simplify the process, providing you the peace of mind you deserve. We personally work with you every step of the way, covering all contingencies. Often, death comes unexpectedly, and we are here to help you create a plan you are satisfied no matter your age.
Don’t Delay – We Are Here to Help
Drafting and filing your will does not need to be a stressful process. Contact us today to schedule a consultation, and we will show you how easy it can be.