Every August, National Make-A-Will Month rolls around and while it may not come with balloons or fireworks, it’s one of the most important times of the year to take a step back, plan ahead, and protect the people and assets that matter most to you. At the Estate Planning Law Center, we use this month as an opportunity to raise awareness about the importance of creating a will and to help families across New York and beyond take control of their future. Whether you’re 28 or 88, single or married, a parent or pet owner, everyone benefits from having a will. Here’s why it matters, and why August is the perfect time to get started. What Is a Will, Really? A Last Will and Testament is a legally binding document that outlines your wishes after your death. This includes: Who receives your assets Who will care for your minor children
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Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most commonly used tools and brief descriptions of their purpose. Last Will and Testament This allows you to specify “who gets what” when you pass away. Without your own Last Will and Testament, your assets will be distributed according to state guidelines. A Will also allows you to name guardians for your minor children. This is important because if something happens to you and your spouse, the state will decide who will have legal authority over your minor children. This could very well be a person or institution you would never have chosen to have such authority. Durable Powers of Attorney These allow you to name people of your own choosing to make decisions for you in the event of incapacity. A power of attorney for
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