Greenville Estate Attorney: “Why Do I Need A Last Will and Testament?”
September 15, 2009
You need a Last Will for many reasons. Even if you do not have a Last Will, you have an estate plan. That plan is laid out by New York’s intestacy statute, which provides the order in which your relatives will inherit your estate if you die without a will. If you are survived by your spouse only, your spouse will inherit your entire estate. If you are survived by your spouse and children, your spouse will inherit the first $50,000.00 of your estate, and the remainder will be split equally between your spouse and children. This provides the first reason why you should have a Will.
Most people in most typical situations would want their entire estate to go to the support of their spouse, and only after the spouse’s lifetime would they want their estate to go to their children. This is not what happens under the intestacy statute.
Another reason why you need a Last Will is so that you can maintain some management of your estate assets. Your children or grandchildren may be unable to deal maturely with a large inheritance, but under the intestacy statute will be entitled to a significant portion of your estate. Your Last Will can put into place management of your assets for a period of time that you choose. Thus, your assets can be applied to the benefit of your children or grandchildren while not risking that your assets will be unwisely dissipated. This can be accomplished with the judicious use of testamentary trusts wherein instruction is given to a trustee on how to apply your estate for the benefit of your beneficiaries.
A third reason why you need a Last Will is estate tax planning. There are many estate tax traps for the unwary that can have serious ramifications for your estate. The estate tax laws are in flux, and we are likely to see changes in the near future. A wise use of estate tax credit shelter trusts and marital deduction trusts can result in significant estate tax savings for your estate. This opportunity for planning is lost if you do not have a Last Will in place.
These are some of the reasons why you need to have a Last Will and Testament as the cornerstone of your estate plan. I highly recommend to all readers to consult with an estate planning attorney on the importance of estate planning in general, and a Last Will in particular.
Like any decent lawyer, I need to add a disclaimer here: unfortunately, it is impossible to offer comprehensive legal advice over the internet, no matter how well researched or written. And remember, reviewing this website and my blogs doesn’t make you a client of my Firm: before relying on any information given on this site, please contact a legal professional to discuss your particular situation.