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Contesting a Parent's Will in New York
https://legiswiki.com/en/p/10172/contesting-a-parents-will-in-new-york
Contesting a parent's will in New York involves several key considerations and legal grounds. Here's a summary of the process and requirements: Legal Grounds for Contesting a Will To contest a will in New York, you must have valid legal grounds. These include: Lack of Testamentary Capacity: The de...
Impact of Remarriage on Estate Planning and Inheritance
https://legiswiki.com/en/p/10178/impact-of-remarriage-on-estate-planning-and-inheritance
Remarriage can significantly affect estate planning and inheritance, impacting both the distribution of assets and the rights of beneficiaries. Here are some key considerations: 1. Estate Plan Updates Remarriage often necessitates updating an existing estate plan to ensure it reflects the new famil...
Disinheritance of Children in New York Estates
https://legiswiki.com/en/p/10176/disinheritance-of-children-in-new-york-estates
In New York, parents have the legal right to disinherit their children. This means a parent can exclude a child from inheriting any part of their estate by either expressly stating the disinheritance in a valid will or by simply not making any provision for the child in their estate plan. Key points...
Elective Share Rights in New York Estates
https://legiswiki.com/en/p/10175/elective-share-rights-in-new-york-estates
In New York, the Elective Share is a legal right that protects a surviving spouse from being completely disinherited by allowing them to claim a statutory portion of the decedent’s estate, regardless of the will’s provisions. This right is governed by New York’s Estates, Powers and Trusts Law (EPTL)...
The Impact of a Parent's Death on Property Ownership Among Siblings and Step-Parents
https://legiswiki.com/en/p/10160/the-impact-of-a-parents-death-on-property-ownership-among-siblings-and-step-parents
The impact of a parent's death on property ownership among siblings and step-parents depends largely on whether there is a valid will and the applicable inheritance laws. 1. Role of a Will: If the deceased parent left a valid will, it typically governs how the estate, including property, is divided...

Wills

A will, also known as a Last Will and Testament, is a legally binding document that outlines your wishes regarding the distribution of your assets and property after your death. It allows you to specify who will inherit your belongings, appoint an executor to manage your estate, and designate guardians for any minor children you may have.

Key points about wills include:

  • Purpose: To ensure your assets are distributed according to your wishes rather than default state laws, which apply if you die without a will (intestate).
  • Executor: The person you appoint to carry out the instructions in your will, including paying debts and distributing property.
  • Beneficiaries: Individuals or entities who will receive your assets as specified in the will.
  • Guardianship: You can name guardians for your minor children to care for them if both parents pass away.
  • Legal requirements: Wills must meet certain formalities to be valid, which vary by state but often include being in writing and witnessed.

Having a will provides clarity and reduces potential disputes among heirs, protects your loved ones, and ensures your final wishes are honored. It is recommended for anyone over 18 with assets or dependents to have a will in place.

In summary, a will is a crucial estate planning tool that legally documents your final instructions for your property and dependents after your death.

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