There are a lot of misconceptions about estate planning and writing wills, including everything from who should write one to what they ought to contain. Many people are under the mistaken impression that only wealthy families with complex assets need to write wills, while in fact almost everyone should start estate planning to ensure their wishes are respected. The legal document preparation experts at We The People of NY would like to clear up any lingering confusion by answering a few FAQs.
What If I Die Without A Will?
You might think that your verbally expressed wishes will be enough, but in fact, the courts will distribute your estate according to a pre-established formula, regardless of what you said or how often. Writing a will is the only way to ensure your assets go to the loved ones you choose, not the one the state designates.
Is There A Minimum Asset Threshold?
State courts don't require a minimum amount of assets before a will becomes valid. In fact, everyone has something of value, even if those items are only emotionally significant to family members. Whether you own a car, savings account, or family photos, writing a will can dramatically reduce stress and friction for the family members you leave behind.
What Is A Living Will?
While a last will and testament describes what should be done with your property after your death, your living will explains the types of medical treatment you would find acceptable. Depending on your personal desires, this document can be as broad or as specific as you like, describing everything from desirable outcomes to preferred grooming standards.
For over a quarter century, We The People has been helping people prepare the legal documents they need, from last wills to divorce papers. Visit their website to learn more, drop by their storefront at 233 West 14th St. between 7th and 8th Avenues, (No appointment is necessary) or call We The People of NY at (212) 633-2200 if you have any questions.