Last Will and Testament
($250 for a Basic* Will and includes one revision within one year)
The Last Will and Testament is extremely important to make in New York if you want to control the distribution of your estate.
A Last Will is a legal document everyone needs, not just those with minor children or property to protect. With a Last Will, you determine what will happen to your property, who will be the guardian of any children, and who will manage your estate upon your death. No one wants family squabbles, which could result if you pass away without a Last Will.
Without a Last Will, you lose all say in matters such as distributing your property and selecting a guardian for any children. If you die without a valid Last Will, you are said to have died “intestate” and the distribution of your property as well as the guardianship of any children will be determined according to strict New York state laws. Unfortunately, court decisions probably won't reflect the asset distribution, and indeed, the guardianship decisions you would have chosen, so planning ahead and executing a Last Will can save unnecessary headaches, family disputes and unnecessary costs and expenses.
A Last Will, however, only becomes effective upon one's death and cannot be used for health care related decisions. For those decisions, one should have a Health Care Proxy and a Living Will. A Health Care Proxy is basically a Medical Power of Attorney and appoints an agent to make decisions regarding the health care of the grantor if the grantor is otherwise unable. A Living Will is a document executed by someone to declare what their wishes are. It can be used by the health care provider or the health care proxy to have a "clear and convincing" idea as to what your wishes are.
These two documents overlap and form the most effective protection to ensure your wishes are met. A Healh Care Proxy gives your power to make decisions to someone with whom you have already (assumedly) spoken about regarding your wishes. The Living Will provides the Proxy with a more firm direction and if a question arises that is outside the scope of the Living Will, the Health Care Provider or Proxy can then make an informed decision taking into account the Living Will, Health Care Proxy and the conversations.
*$250 fee for a Basic Last Will and Testament applies only to estates valued at less than $1 Million dollars and assets distributed solely to: (i) a spouse, if surviving and if not, to any/all children; or (ii) another single beneficiary. For estates in excess of $1 Million dollars, involving owneship of business and/or distributions to more than a spouse/children/single beneficiary, additional fees will apply.