Importance of Having a Valid Will
In New York, you have an estate plan even if you fail to create one for yourself. If you die without a Will in New York, the laws of intestacy will be applied to your estate. These laws attempt to provide what an average person would provide for their loved ones in a regime and percentage amount that might differ greatly from what the decedent would have liked. Moreover, only through a Will can you appoint guardians for your minor children. No one knows who can best care for the personal and financial needs of your children more than a child’s parents and the court will also give great deference to parents’ wishes. Also, if you die without a Will you leave a difficult situation for those who must wrap up your estate. For example, a decedent’s home in New York must be sealed by the police until an executor or administrator is appointed. These are the main reasons why it is so important to have a valid Will, which does not need to be long or involved but which must be executed pursuant to strict formalities.