Often, people assume that Wills are primarily for wealthy individuals with multiple homes, large investment portfolios, or complicated estates. Unfortunately, this line of thinking frequently causes people to put estate planning off entirely, even when having a simple Will in place could make a significant difference for their loved ones in the future.
The truth is that even if you do not believe you have substantial assets right now, creating a Will is still one of the most important steps you can take to protect your wishes. Continue reading and reach out to a Rochester estate planning lawyer from Lacy Katzen LLP to learn more about why you should have a Will, even if you don’t have extensive assets. Here are some of the questions you may have:
What Happens if You Die Without a Will in New York?
If you pass away without a valid Will in New York State, your estate will go through what is known as “intestate succession.” Essentially, this means that the default provisions in New York Estates, Powers, and Trusts Law, rather than you, will determine how your property is distributed after your death. Though many people assume their belongings will simply “go to family,” the process is often far more specific and restrictive than people realize. Some of the issues that may arise when someone dies without a Will (intestate) are as follows:
- Family members may disagree over who should receive sentimental personal belongings
- The estate administration process may become more time-consuming and complicated because there is no presumptive fiduciary for the Court to appoint
- The court may appoint someone to administer the estate you would not have otherwise trusted
- Even if your children are grown, they are entitled to one-half of the net estate, with your surviving spouse receiving the other one-half
- Unmarried partners receive nothing in intestacy
- Your estate may be distributed to minor children or disabled family members without any protection on those funds
- Stepchildren, close friends, or charities would not inherit anything at all
How Can Someone with Limited Assets Still Benefit From a Will?
Many people underestimate how much a Will can actually accomplish. A Will is not solely designed to distribute wealth. In many ways, it is also designed to provide guidance and structure for surviving loved ones during what is already a very difficult time. A Will may help you:
- Choose who inherits your property
- Appoint an Executor you trust
- Leave instructions regarding personal belongings
- Simplify the probate process for your family
- Appoint a guardian for minor children
- Appoint a trustee for beneficiaries who need help managing an inheritance
Parents with young children should especially consider creating a Will, even if they do not currently have considerable assets, as one of the most important functions of a Will is allowing parents to nominate a guardian for their children in the event something unexpected happens. Otherwise, the courts may ultimately have to determine who will care for the child.
Additionally, many people who believe they have “very little” still own assets that may become part of an estate, such as vehicles, retirement accounts without designated beneficiaries, savings accounts, and partial ownership interests in property. Additionally, if your loved ones need to pursue a wrongful death lawsuit against a person who caused your death, a Will can help speed that process.
Ultimately, estate planning is about maintaining control, protecting your loved ones, and ensuring your wishes are documented before unexpected circumstances arise. Even a straightforward Will can provide peace of mind for both you and your family for years to come.
If you’d like to create a Will, or any other estate planning document, contact Lacy Katzen LLP for an initial consultation today.
