DO YOU HAVE A WILL?
LEGAL SERVICES
Estate Planning:
Estate Planning involves transferring what you own to whomever you want at the time you want. This may be by way of a Will, Trust, or other method.
A Will Is Your Personal Plan:
J&G Law, LLP has deep roots in this area The firm's team approach coupled with our experienced attorneys provides access to some of the best legal services in the Hudson Valley This approach can raise estate planning well above the mere drafting of a Will
Why You Need A Will:
Many people think that a Will is only for those who want to set up Trusts or save taxes. That may be one benefit, but the primary reason for making a Will is to leave your property to those you care about and in the proportions you choose
What Happens If You Die Without A Will:
If you die without a Will, the property in your name, in most instances, will be distributed among your family members according to state law and perhaps not the way you prefer. For example, if you die without a will and are survived by:
A spouse and descendants: your spouse takes the first $50,000 and one-half the balance of the property and the descendants share the rest
Spouse but no descendants: your spouse takes all Descendants but no spouse: your descendants take all Parent(s), no spouse, no descendants: the parent(s) take all
Parents' descendants but no closer relatives: the parent' descendants take all
Where 'descendants' include a mix of generations: living children take full equal shares and any children of predeceased children divide the combined shares of all their deceased parents
A Will is tailored to your own particular needs. You name an executor who is the person you want to handle your property. An executor can be a relative, friend, your attorney, or a bank that specializes in handling estates. The executor will administer the estate to make sure proper procedures are followed and assets are distributed as the deceased wished
The choice of an executor is yours only if you make a Will You realize the value of having qualified people help with your affairs during your life. It is just as valuable after you die.
How do you prepare a Will? Can you obtain some printed forms and complete them in your handwriting? You could, but you might not have a legal Will and you may not have the best Will for your situation
There are many stories about "do it yourself" Wills The desire to avoid a fee has resulted in delays, increased costs, and frustration of plans that were held to be invalid.
How To Make The Best Will For Your Personal Plan:
Making the best plan and drafting the best Will takes knowledge and professional advice For example, did you know that property held jointly may not be distributed by a Will or that life insurance may or may not be distributed by Will depending upon who is named as beneficiary? This also applies to individual retirement accounts, pension plans, and similar assets. Did you know that a spouse has a right to a car and to a large share of the other items of property no matter what a Will says? The best plan recognizes that your Will is only part of the total plan for distribution of your property.