|
June 2000
The Why's
and How's of Wills
The dictionary defines a will as a "legal
declaration of how a person wishes his or her possessions to be
disposed of after death". Why does everyone need a will? Wills
make sure that the antique jewelry which belonged to a beloved grandmother
will be passed on to a daughter or that college will be possible
for a grandson or that one's favorite charity will receive funds
to continue its good work.
If you die without a will, your possessions and
property will be distributed only among your family members; perhaps
not exactly the way you want. New York State law will make these
determinations - not you. No charities or friends would benefit.
There are many other legal complications that may arise after a
person dies "intestate" or without a will. Some of them
can be costly and lead to an unnecessary tax burden on your estate
or family.
Many people believe that a will is only necessary
when there is a significant amount of money, valuables and property
to be distributed after death to loved ones, children, families,
friends and charities. Nothing could be further from the truth.
Even a person with a limited amount of money or property should
have a will.
How does one go about making a will? The first
thing to do is to list all your assets and then decide who you want
to share these assets. You will also need to think about a "personal
representative" or "executor" who will carry out
the provisions of your will.
Most experts caution against drafting your own
will without using professional legal advice. Even though the "will"
forms available on the internet or at an office supply store look
impressive, they may omit an essential requirement. It's okay to
use these forms for a draft of your will, but it is best to call
an attorney and make an appointment to discuss the final draft of
your will. Many attorneys are willing to quote prices over the telephone
so be sure to discuss fees in advance. Many offer a free or low-cost
first consultation.
A copy of your will along with any funeral arrangements
you have made should be kept in a safe place where family or a close
friend can have access to the information when needed. A safe deposit
box is sealed immediately after the death notice is published, so
it is not recommended for storing instructions for funeral arrangements,
wills or insurance documents.
If you do not have a personal attorney, call the
New York State Bar Association's Lawyer Referral Service at 1-800-342-3661.
You can request a comprehensive report on Wills
and Living Trusts by writing: AARP, 601 E Street, NW, Washington,
DC 20049.
back to top
|
