Why do You Need a Will? [VIDEO]
Due to the pandemic, estate planning has become a hot topic. Here I will answer some of the frequently asked questions that our office encounters concerning estate planning.
I already have a Will, what else is there?
The Last Will and Testament (also known as a Will) is really only one of several estate planning documents that everyone should have. At a minimum, any estate plan should also include a:
- Power of Attorney,
- Living Will, and
- Health Care proxy.
When I meet people, I explain the difference between all of those documents.
What happens if I die without a Will?
- The State of New York has a statute (EPTL 4-1.1) that dictates what happens with your worldly possessions, your bank accounts, and your other assets.
- Most people want their assets to go to their spouse to use for the children. Without a Will, the law will divide your assets between your spouse and your children. This is not the plan that most people want. The law goes even further if you don’t have a spouse or any children, distributing your assets to your other relatives.
If you are a married couple and you have children, you really should have a Will so that you designate someone to be a guardian of your children.
This is contrary to what many people believe, which is that if you die without a Will, all of your assets go to the State of New York. That can happen, but only if you truly don’t have any relatives to whom you can leave your assets.
Why should I choose Leonick Law?
I’ll give you three reasons why you should come in and talk to us:
1. The consultation to discuss this is free. If you have estate planning documents, we will review those to see whether they’re adequate. If they aren’t, perhaps they need to be updated.
2. We will educate you about estate planning.
3. Getting your affairs in order is truly a gift to your family. It shows that you’ve decided in advance not just where your assets will go, but also who will be in charge.
By utilizing advanced planning, you lift a burden from your family that is hard to bear, especially when they are mourning. I have 30 years of experience practicing in estate planning and I look forward to meeting with you and helping you with yours.
James F. Leonick
Leonick Law, P.L.L.C.
TEL: (631) 486-9500