Getting a will in place that you have thoroughly thought about can give you peace of mind that will allow you to enjoy your remaining years without fretting over what may happen if you pass without your final wishes being met. Even young people need to be thinking about this because it is never too soon to contact an attorney who has your best interests in mind and can guide you through the process of writing a will and having it legalized.
The first step in getting the will in place is to sit down and write out a list of all your property and assets. Making this list can be empowering and will enable you to see, in black and white, what you own. The next step is deciding who gets what. Whom do you want to receive your assets when you pass? You may want to put trusts in place for your beneficiaries or even talk to a professional who has extensive knowledge about this type of transaction.
You may want to contact a professional who knows the laws of the New York and can assist with any questions you may have. A professional may even help you to formulate a plan for the future, after you have passed. Talking to this person will bring out the details of the will and may even make you realize what you want to do and whom you want your estate to go to.
Being too specific, such as saying that a beneficiary has to use the funds one receives to pay off a mortgage may not be the best idea. Children get older and mortgages may already be paid off. If you do put this in your will, be sure to check the specifics fairly regularly to ensure that they still apply.
You can easily see that contacting a professional may be a good fiscal idea. Having someone to go to bat for you can be invaluable at a time like this.
Source: Time Warner Cable News, “Plan for the future by drawing up a will” Tara Lynn Wagner, Nov. 04, 2014