Your last will and testament is an essential legal document that outlines your wishes regarding the distribution of your assets, property, and the care of any minor children after your passing. While your will may not directly impact you, it may significantly impact the lives of your loved ones. If you pass away without a will, your estate will be distributed in line with New York intestacy laws and your wishes may not be fulfilled.
Creating a will is often not the first priority on your busy list of daily to-dos and is often that task we tend to put off or avoid. Likewise, many who have taken the steps to create their will, set it aside and forget to review it or have it updated when a major life change occurs. However, it is essential to check in with your elder law, trust and estates attorney to determine whether a life event may affect your intended beneficiaries and whether you should update your will accordingly. Our team at Fratello Law can help you navigate your life changes and review your current will to determine whether updates are needed. We are here with you through your life events and to help you achieve your wishes for your loved ones upon your passing.
4 Reasons to Make Changes to an Existing Will in NY State
As you move through your life, your circumstances and wishes change. If you do not update your will upon a major life event, your property, assets, and other important pieces of your life may be left in the hands of those you do not wish to handle or distributed to someone you do not intend. In considering whether a review and update to your will is necessary, it is important to keep in mind the following four reasons to make changes to your existing will:
Marital Status Changes
If you get married or go through a divorce, you may want to change any information about property ownership or various other details. Married couples tend to share certain assets, so it is imperative your will accurately reflects your wishes. After a change in your marital status, you will want to review and change any information that does not fit your new stage of life. It is also important to review an existing will if you are entering into a new or second marriage to ensure your wishes are clear.
Birth or Adoption
Your will is critical for your children. In the event of your unexpected passing, you will want to ensure your children are provided for and receive any property or assets apart of your estate. If your children are young when you pass, the designations you make in your will can determine who cares for them and who is responsible to manage your assets in trust and for the benefit of your minor children until they come of age.
When you move from one state to another, you must change your will to fit that state’s laws. Your will is administered in the state where you reside at the time of your death. This means that if you moved states and did not update your will, the laws of the state where you reside may impact your wishes.
One of the vital roles your will plays is dividing up your assets among your beneficiaries in line with your wishes. If you experience any major gain or loss in wealth, updating your estate plan and will may be necessary to ensure you have appropriate tax planning in place.
Clearly, our mortality or death is never an easy or appealing subject to contemplate, however you have worked hard for your assets and they should be distributed to your loved ones, in line with your instructions and wishes, with minimal tax or outside consequences. A legal document outlining your final wishes eliminates disputes between family members or partners. If you encounter substantial life changes or need to update your will, speak with a lawyer about how they may guide you through the process.
Contact Fratello Law For an Experienced New York Attorney Today
While many believe it is just stating one’s wishes for property disputes, there is so much more that an individual will need to consider for their last will and testament. Every state has unique laws that impact wills. If you are in the middle of changing your existing will, contact our Fratello Law lawyers for compassionate, experienced and highly qualified legal guidance. Our lawyers are well-versed in New York laws and will provide clients with the knowledge to smoothly adjust their will.
We take pride in our family-oriented firm. Our firm is small with a big heart, and we make it a point to build a foundation of trust with our clients. Call (516) 980-4633 or complete our contact form to schedule a no-initial-cost consultation with an attorney day. We look forward to welcoming you to our client family.