Last Will and Testament Elder Law

A Last Will and Testament (“will”) is a written document, signed and witnessed according to state law, which controls the disposition of assets that remain in the decedent’s name at death. Many assets do not pass under a will, but, instead, by beneficiary designation or by contract. If you are a New York resident and die without making a will, New York has statutory requirements for the dissipation of your assets.

It has been our consistent experience that New York’s substituted wills rarely accomplish our clients’ goals. For example, if you die and are survived by a spouse and children, New York law provides that 50% of your assets pass to your spouse and the balance equally to your children. A common myth is that if you have no will, your assets escheat to the state.

Some considerations:

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