DO IT YOURSELF: WILL (ONLY FOR NEW YORK ESTATES WORTH LESS THAN $1,000,000. ESTATE PLANNING IS ADVISED FOR LARGER ESTATES)
What is a will? A will is a document that is only effective after the author’s death. It leaves the writer’s worldly possessions to people of his/her choosing. In New York State, wills must be written, witnessed and signed by at least two witnesses, dated, signed at the end without any writing below the signature, and announced, (“This is my will.”) to be valid.
A will usually specifies someone to execute the document, i.e. the “Executer.” This person is put in charge of making sure the terms of the will are carried out and dealing with lawyers and the courts.
Sometimes, the will includes a Trustee, if a trust is set up. Given the complexities of will drafting, it is advisable to seek an attorney to draft your will in the first place or go over the draft document that you have prepared to ensure that it is legal. SAMPLE FORM: (TO FOLLOW)
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