The will is the backbone of the estate plan. Family members who meet specific requirements can challenge or contest the will if they don't feel it is valid. Several factors can invalidate a will. Anyone who thinks that there is something wrong with the will should know some basic points about these reasons.
Adults in New York who do not have an estate plan may want to consider making one. Most people include a will in an estate plan. A will is a document that indicates how an individual wants their assets distributed after their death, and it must be signed by two witnesses. Without a will, the state will decide what happens to the assets.
New York residents who have prepared a will may know that a divorce, a remarriage or the death of a spouse will likely necessitate an evaluation of that document. In some circumstances, a will cannot be simply changed but must be completely revoked in order to be considered valid by a probate court.
In the state of New York, a holographic will may be considered valid only under certain circumstances. A holographic will is a will that is handwritten and not executed in accordance with state law. The holographic will is valid if created by a member of the armed services during actual military or naval service. It may also be valid if the testator accompanies an armed force during actual armed conflict.
Wills in New York must meet several criteria before they are executed properly by a probate court. First and foremost, they must be in writing rather than in the form of oral testimony. A will must be signed by the one who wrote it or by a person in his or her presence and at his or her direction. A person who signs for the one who wrote the will does not count as a witness to the will execution.
In order to properly execute a will, residents in New York may need to understand more about the state requirements governing the process. Most wills are completed in writing, and most are executed and attested in similar fashion. The person whose name is on the will is referred to as the testator. The will must have the testator's name, and signature included at the end in order to be approved. The document must be signed in front of witnesses who then attest to the event in order to be legitimized by the court system.
A will is a formal document that allows individuals to determine how their possessions will be distributed upon death. It requires very specific actions to be taken to prove the validity of its contents. Failure to meet those requirements may thwart the maker's intentions.
For many New York residents, estate planning may call to mind the consideration of a variety of different scenarios in order to determine the most attractive way to maximize distributions to heirs. The selection of those beneficiaries and the portion of wealth received by each may be less objective and more subjective.
The task of choosing an executor may seem daunting to New York residents who are planning their estates. Knowing what an executor does may help people identify who may best fill that role.
New York individuals who have gone through the process of establishing a will and trust may be interested to find out that a large portion of their estate may not be impacted by these documents. While a trust or will may name certain beneficiaries for passing assets in these documents, beneficiary designation forms affect a number of different types of assets.