Drawbacks with creating just a Last Will
creating just a Last Will

Drawbacks with creating just a Last Will

Estate planning covers every range of a person’s live. Once properly created, the safety of your estate, your beneficiary is assured. Meanwhile, quality estate plan in New York can only be achieved by consulting and planning with an estate planning attorney near you, 11356. A will allows you dictate what happens to your estate and how the family you left behind should be cared for. Aside these you can use the document to name a guardian for you minor child. The last will is perhaps the most common estate plan. Even with that you need to make sure that the document is properly created. While a last Will is a popular estate document it has its major drawbacks.

Major component of a Will

Last will express your intent on how you would like to share your estate properties to your family or close relative. You can also assign a guardian, state who get what out of your belonging and the time they get it, etc. Usually a last will has four major parts:

The first one is how the final bills and expenses you left behind should be paid.

The second part discloses how estate taxes and other taxes incurred on your estate properties or inheritances should be settled.

The third part tells the surrogate court who should be assigned as the estate’s executor also known as the estate representative. This would be the individual in charge of monitoring the probate process to ensure that the estate plan is adequately implemented. Also, this part of a Will document state the person to be assigned as a legal guardian for minor and also the type of guardianship relationship.

The fourth part which is the main highlight of the last Will properly state how the estate should be shared after all taxes and debt has been paid. This section names the beneficiary of the estate, what they get from the estate and when they get it.

Probate is a major drawback

One major drawback with creating only last is that probate would be required before your loved ones get any part of your estate property. Probate is a court process of determining the validity and authenticity of an estate document, especially a last Will. The process usually ensure that only the named beneficiaries get the assets assigned to them. Usually, this process takes a lot of time. While some probate process take up to 3 or 4 weeks, some could end up going on for several months. Typically, the length of probate depends on the complexity of the estate and documents involved. Other factors such as will contest; family feud may influence the period.

What if you die without creating a last Will or any another estate document?

Intestate is a situation in which an individual die without creating an estate plan. Every state just like New York has its rule for intestacy succession (distribution of a decedent asset without a Will). The rule decides who get the decedent asset first before others and what percentage would be allocated to everyone eligible to the estate.

Intestacy succession is not the best way to have your estate properties shared. Even while the state tries to make the process less complicated and terrible, you still won’t have your estate shared the way you’d want it. It is better to make estate plans rather than leave your beneficiaries to this ineffective process. Contact an estate planning attorney near your today to create necessary estate documents.

Revocable living trust is the answer to this drawback

A revocable living trust prevent probate process. How? Here is the answer: when the trust is created and funded with estate properties, the trust would hold the name of the new trustee or beneficiary rather than your name. As such when you it time to transfer the assets or when you ide, probate would no longer be needed because the trust already bears the name of the beneficiary.

Contact an estate planning attorney near you

Simple mistakes can ruin estate plans; as such you need an expert capable of making suitable and approbation estate plans and documents. Contact our estate planning attorney near you today, 11356, New York to guide you through the process estate plan documents.

We offer assistance, counseling in estate related issues, probate matters, family law issues, and other advance guardianship and conservatorship issues in New York.