Do I need a Will?
By Michael J. Tommaney, Partner

The answer to this question should be, in almost all cases, a resounding YES.

However, many people answer this question no because they believe the preparation of a Will can be put off to a future date. The fact of the matter is that for different reasons, almost everyone should have a Last Will and Testament setting forth their current wishes and desires, with respect to the disposition of assets and appointment of fiduciaries which has been prepared by, and executed under the supervision of an experienced attorney.

In New York State, a person must be eighteen years old in order to be legally qualified to execute a valid Will. Is this to say that all eighteen year olds should have a Will? No. But maybe the eighteen year old is expected to receive an inheritance from a wealthy relative. Or perhaps the eighteen year old has a child of his or her own. These circumstances would generally indicate the need for a Will.

Many young newly married couples also do not see the necessity of a Will at this stage in their lives. They may believe that their spouse will automatically inherit everything, which is not necessarily the case. Or they may assume that there will be plenty of time to address the issue in the future, which is also not true, as evidenced by the stories of young people whose lives have been cut short by tragedy.

Even if a young, married couple have titled everything in their joint names and feel that a Will can be put off until they need estate planning, they may need to consider one very important decision – who will take care of their children if they both die before their children have reached the age of eighteen? Under the provisions of a Will, a person can appoint and designate who will be the guardian for any minor children upon the death of both parents. Most parents would rather make this important decision themselves than leave it to a Judge, who will not have the benefit of the decedent’s own feelings concerning who would be the best person to care for their child.

Even people who are middle aged or older often feel that they do not have to worry about having a Will prepared because they took care of that “a long time ago.” However, if the Will was executed years ago, it’s critical to reread and rethink its contents. Life circumstances may have changed since the Will was originally drafted. Those named as beneficiaries of fiduciaries in their current Will may be entirely different from their desires at the present time.

For Wills that were executed decades ago, the affidavits of the attesting witnesses would not be attached to the Wills, making it more difficult and costly to probate if the witnesses are not readily available to sign new affidavits.

Even people who have done estate planning involving trusts or designated beneficiary planning should also have a Will, even if only as a back up. There will be one thing or another that inadvertently is still titled in a person’s name alone at the time of death, or maybe an inheritance from another person, or even the existence of a winning lottery ticket. Hey, you never know.

Even if you don’t fit into one of the above categories, you should give some serious consideration to contacting an attorney to have a Will prepared. By receiving estate planning advice, you can ensure that your assets will be passed on to loved ones in the most efficient manner and at the lowest cost, including the minimization of estate taxes.

When given proper reflection and consideration, regardless of age or circumstance, having a Will prepared or updated by your attorney is not only the prudent and responsible thing to do, but will also leave your mind at peace here on earth before you remain at peace forever.

For assistance in any will preparation, contact our firm at (518)218-7100.

 

 

Tully Rinckey PLLC - Attorneys and Counselors at Law
Albany Office - 441 NEW KARNER ROAD - Albany NY, 12205 - Phone: 518-218-7100 - Fax: 518-218-0496
info@tullylegal.com
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