For many, the idea of planning for their own death is extremely upsetting, leading them to delay planning their estate. As such, many are unfamiliar with what information to include in a will, as they would rather not think about their own passing. Despite the upsetting and morbid nature of this task, taking the time to determine what will happen to your assets upon your passing is critical to protecting your assets and caring for your loved ones after your death. If you’re ready to begin planning your estate, the following blog explores the information you should include in this document and how a Nassau County estate planning attorney can help you.
Why Do I Need a Will?
A will is one of the most important estate planning tools, as it provides comprehensive details regarding what you would like to happen to your assets. This allows you to dictate how you would like your property handled, who will receive it, and who will be charged with handling these matters.
If you do not create a will, the state of New York will assume control over your estate. This is because anyone who passes away without a will in place dies “intestate.” As such, your assets and property will be distributed according to the line of intestate succession in New York, meaning your assets could go to those to whom you do not wish to give an inheritance.
What Information Should I Include in the Will?
When you create a will, you’ll need to include a considerable amount of information. For example, you’ll want to first begin by determining who the executor of your estate will be. This is the entity charged with overseeing and managing your estate until your assets have been distributed. They will also help ensure the terms of your will are honored.
Next, you’ll need to note down all of your assets, how you would like to distribute them, and who you would like to inherit these assets. While you must include real estate, money, and investments, it’s also important to note down your digital assets, like online banking information and online business. You should also be sure to include any passwords to accounts the executor may need.
Finally, if you have young children, it’s imperative to name a guardian for them in the event anything should happen to you. Additionally, you should name alternative options to ensure their caretaker is someone you trust.
Why Do I Need an Attorney?
Though creating a will may seem as simple as writing down that you want to leave your home to one child and your bank account to the other, it is much more complex than that. Unfortunately, if you make an error, it can invalidate your will, meaning your wishes will not be honored.
As such, connecting with an experienced attorney from Barrows Levy PLLC is critical to ensuring your wishes are honored and your will is legally binding. Our team will work with you to help you navigate the complexities of planning an estate to help you achieve peace of mind for the future. Contact us today to learn how we can assist you through these matters.