Estate Planning Law – Do I Need a Will?
Do I Need a Will in Queens? A will is usually the first document a person has drafted when they are planning for their estate. It’s literally the instrument that tells the world how you want your estate divided, who is going to get gifts or bequest, who is going to act as executor, who is going to be responsible for your estate, who is going to be responsible for your children if that is the case if you have minor children and it is obviously a really important document because it assures that your wishes are carried out when you are no longer here to do that.
If you die without a will, then you are said to have died in testy and your estate would go through administration proceeding. What that means is that any discretion or any specific gifts that you wanted to make is no longer available. No one knows what your intent was and even if you told someone if it hasn’t been written down and formally put in a will then there is no legal merit to it.
If you die without a will, then your estate is divided amongst your closest relatives. It’s governed by statute and it’s governed by the black letter of the law. So some of the disadvantages are if you did have a specific bequest or a specific gift that you wanted to make to someone which differs from what would be the norm under the law, there is no way to make that happen. For instance if you have a child who is very wealthy and didn’t need anything else in the world, you may not want to leave that child a gift or any money. But if you have a dear friend who is struggling or who is in hard times, then you knew that you wanted to make sure that they are okay if you have a will you can make provisions to make that happen. If you don’t have a will, there is no way to get that done and we are bound by the black letter law.