Wills are legal documents that allow you to exercise control over the distribution of your assets after you are no longer present for or capable of completing that task. If you do not make a will, your estate will be divided based on the intestacy laws in the state of New York. Trusts are arrangements by which a trustee takes control over your property that is held in the trust. Living trusts are those that you create while you are still alive. Trusts can also be created after your death based on the terms of your will.
Why Create a Will and Trust?
The primary purpose of creating a will and trust is to assist your family with the probate process during the time that they are grieving over your death. New York’s probate process is especially difficult because it does not use the Uniform Probate Code, which simplifies the process. It may be beneficial to make a living trust and a will that addresses who will care for your children and who will receive which assets after you pass away. If you need assistance through this process, our New York City attorneycan help!
Requirements of Valid Wills and Trusts
In order for a valid will to be created in New York, you will need to sign it in front of two witnesses who also must sign the document. To make a living trust in the state of New York, you will need to name a trustee and state who will inherit the trust property in the document. You will then need to sign the document in front of a notary public. Your next step will be to transfer the property to the individual you named as the trustee. If you require assistance with the creation of a will or trust, contact us at once!