Last Will & Testament
A Last Will and Testament is a legal document giving instructions to be carried out after your death. Wills typically address the distribution of your assets, allows one to name beneficiaries, make specific gifts to beneficiaries, appoint guardians for minor children, name the person you want to serve as the personal representative or executor of your estate and other important elections regarding the distribution of your assets. If you do not execute a will, state law generally dictates what happens to your assets and your minor children.Wills may also incorporate a number of testamantory trust— trusts that are set up after your death.
Without a will, New York State law will direct how one’s assets are distributed. The only way to ensure one’s wishes are honored is to create a Will.
Upon your passing, your Last Will & Testament will be admitted to Surrogate’s Court whereupon a judge will appoint an Executor of your Estate. The Executor is then responsible for administering your estate according to your Will.