WILLS

What is a will?

A will is a document, which will dispose of the testator’s assets upon the testator’s death. The will can direct specific property left to specific people or it may be written broadly to direct all the property to go to a group or to one person.

If the testator does not draft a will or does not draft a valid will, the testator’s property will be distributed through the law of intestate succession. This is a distribution determined by the legislature and often differs with a testator’s desires.

Benefits of a will:

The will ensures that the testator’s desires will be enforced long after his or her death. The testator may choose the guardian of his or her children or name the person to manage the assets set up by the will. The testator may specify who will administer his or her estate and define his or her burial procedures. Most importantly, the testator may draft the will to minimize his or her tax consequences and keep his or her money in the family.

What is probate?

Probate is the process by which the Surrogate’s Court determines who receives the assets of the testator. The executor of the will or an interested party if there is one, will be in charge of collecting and preserving the assets of the estate, paying the estate’s debts and liabilities and of distributing the estate’s assets.

This process may take between six months and several years depending on the estate. The process may take even longer if any of the heirs or legatees (listed in the will) chose to contest the will.

What is a “Living Will”?

A Living Will is an instrument, signed with the formalities necessary for a will, by which a person states his or her intention to refuse medical treatment, and to release healthcare providers from all liability if the person becomes both terminally ill and unable to communicate such a refusal.