Are you thinking of drafting a will in New York, either for the first time or as a replacement for an outdated will? If you are, the following are a few key questions that you want to ask yourself:
1. Who is going to be in charge of the will?
Writing the will is one thing, but you also need to know that it’s actually going to be carried out when you pass away. Name someone to be in charge of your estate that you know you can trust.
2. Can your money go to charity?
There are a lot of ways to give money to charity if you’d like to do this instead of giving it to your heirs. For example, you can have a trust set up to administer those funds. Be sure you know what all of your options are.
3. Are you addressing every asset?
Do not forget any assets, even little ones. If you fail to mention a small savings account or an investment you forgot you made, it can lead to a lot of complications.
4. Are taxes going to apply?
If your heirs are going to have to pay taxes, it may be wise to look for ways around them. For instance, some trusts can help to reduce the tax burden. You want to give your heirs as much of your estate as you can.
5. Does the will have to be complicated?
Some people put off drafting a will because it sounds hard and complicated. As you look into the legal process, you’ll find that it can be very easy and quite simple indeed, and even a simple will is better than none at all.
Source: Quicken, “5 Questions to Ask Before Writing Your Will,” accessed Sep. 22, 2015