Wills Lawyer in Hudson Valley
Helping Our Clients Create an Effective Estate Plan
A will is a legal document that instructs loved ones on how you would like your property handled after you pass away. Wills are not only for the wealthy; everyone can benefit from creating a will. Not only can it simplify the probate process, but it can also ensure specific assets go to designated people. At Letterio & Haug, LLP, our skilled attorneys can help you create a legally sound last will and testament.
Call our Hudson Valley attorneys today at (845) 203-0997!
Benefits of a Will
If you pass on without first creating a will, the state could end up with complete control over your estate. If this happens, your beneficiaries will be forced to go through the probate court to secure estate property. However, the creation of a will allows you to retain complete control over your assets, even in death.
Some other key benefits of a will are the ability to:
- Appoint an executor: An executor is someone who has complete control over the collection and distribution of estate property. A person in this role should be responsible and trustworthy.
- Appoint a guardian for minor children: If you have any minor children, you can choose who you would like to raise them if you and your spouse both pass away.
- Create funeral directives: You can plan your funeral down to the last detail. Not only does this ensure your body is honored according to your preferences, but it can also reduce stress for your loved ones.
What to Include in a Will
You can put whatever you believe is relevant in your will, there are no exact guidelines. However, most people generally include:
- An executor: As stated above, you should appoint an executor of your will when you write this legal document.
- Beneficiaries: To avoid a legal struggle, you should list the beneficiaries of your estate as well as the specific property you would like them to receive.
- Alternate beneficiaries: Most people assume the beneficiaries they name will survive to acquire the property meant for them. However, life is unpredictable, and if those beneficiaries don’t survive there should be alternates in place to collect the assets.
- A person to collect any remaining property: Also known as ‘residuary estate,’ remaining property consists of all unassigned property or property you would like to bequeath to charities or other organizations.
- Directions on dividing business and personal assets: You should provide clear instructions on how you would like all your assets to be divided and dispersed.
- Specifications on how debts and taxes should be paid: Usually, a person will settle debts and plan for final expenses (funeral and probate bills) before they pass on to ease the burden of their beneficiaries.
Competent Will Attorneys
At Letterio & Haug, LLP our estate planning attorneys can help you create a legally sound will. We can work with you to create a complete inventory of your assets and offer guidance on how you would like it distributed.
Call our firm today at (845) 203-0997 or contact us online for a consultation.
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