Why a Will

Why Do I Need a Will?

A Will lets you specify what should happen to what you own when you die. Without a Will, your property will be distributed according to Estates, Powers and Trusts Law. This law may or may not reflect your wishes.

What Property Passes Under the Terms of the Will?

Any property you own individually (in your name alone) at the time of your death is part of your probate estate. It will go to whomever you specify in your Will.

What Property Does Not Pass Under the Terms of the Will?

Property owned "jointly" with another person, such as certain bank accounts, or accounts which are "payable on death"  or  "in  trust  for"  belong to that

named person upon your death. Other property, like life insurance policies and retirement accounts, often have a named beneficiary who becomes the owner upon your death, regardless of the terms of your Will.

What Are Some of the Considerations For a Will?

In addition to naming who should receive
your property upon your death, you should also consider who will be the executor of your Will, who will be the guardian of any minor children, trusts for minor children or spouse, supplemental needs trusts for disabled persons, as well as estate tax issues.

Do I Still Need a Will if I Own All My Property "Jointly" With Another Person?

Even then, you should have a Will because you never know if you may have  property  in the  future  which  you

will own individually and pass under your Will. For example, the "joint" owner may predecease you. The executor you name in your Will may also bring any claims you may have against others after your death, as in the case of wrongful death.

What Happens Upon My Death?

Upon your death, the executor named in your Will petitions Surrogate's Court to be officially appointed your executor. This is called a probate petition. Once appointed, the executor will secure your personal belongings and the rest of your individually owned property, pay your final bills, file estate and income tax returns, and distribute your property according to the terms of your Will.