A will is a legal document that allows you to specify how you want your assets handled in the event of your death. Many people leave their wills in the hands of a close relative or friend.
Here are a few of the most frequently asked questions among older people writing a will in New York.
Can I change my will?
Yes, if you draft a living will, you can change the document so long as you are alive. A codicil is a legal term for altering or adding on to part of the will. Many people who have a living will choose to keep it up-to-date as their living situation and other circumstances change throughout the years.
Who can be my executor?
Anyone can be your executor, although legal teams strongly advise people to name someone who they trust and believe to be competent in handling end-of-life affairs. An executor needs to be able to carry out the wishes stated in the will. There may be more than one person named as the executor if that aligns with the wishes of the trustor.
What happens in the absence of a will?
If you pass away without a will in New York, your spouse will first receive any assets, along with any children left behind. In the absence of a spouse or direct descendants, assets may go to more distant relatives or to the State of New York.
The more you know about drafting a will, the better you can ensure that your assets will succeed according to your wishes after your death.