Wills are not Just for Rich People | Everyone Needs a Valid Will | Michael Spevack Law Offices

Everyone Needs a Valid Will
New York attorney Michael Spevack @ www.LOMJS.com discusses why Wills are not just for rich people and that everyone needs a Valid Will.
Drafting a will is Necessary for Everyone, not Just Rich People!
If you die without a will that is called dying intestate. Courts favor testacy the presumption is that a will was written to avoid intestacy.
Dying without a will or intestate may have negative effects for your loved ones. Under section 4-1.1 of the Estates Powers and Trusts Law (EPTL), there may be unwanted consequences to you and your last wishes if you die intestate. This is true no matter how much money you have in your estate.
For example, under this section of the EPTL, if a spouse and children survive you without a will, your spouse will receive $50,000.00 plus half of your assets. If you want to give whatever money you have to your spouse for him or her to use during their lifetime and want to pass the remainder to your children upon the death of your spouse, YOU NEED A WILL.
If you want to provide for your children from a first marriage or to set up a simple trust, YOU NEED A WILL.
If you wish to make a specific gift of a small amount of money to anyone other than your wife and children as specified in the EPTL section we are discussing, YOU NEED A WILL.
It simply does not matter how much wealth you have, YOU NEED A WILL.
Without a Will, you don’t have the option of picking an executor, trustee, guardian or specifying a beneficiary. Rather, you are simply stuck with the laws of intestacy.
Without a Will your children might be under control of a court appointed guardian and not the person of your choice to have custody and control of your children. Even if your spouse, if they survive you, will be forced to seek court approval every time your spouse wants to access funds for your child’s benefit out of your estate money. This is time consuming and costly.
I have discussed just a few reasons why everyone not only the rich need a Valid Will. Accordingly, for these reasons it is vitally important for everyone, not just the rich, to draft a Valid Will.
Call me at 866-529-6453 (866-Law-Mike) or 212-754-1011 for a free initial consultation to discuss the drafting of a Valid Will and to avoid the perils of intestacy.
You can also find a lot of Family Law information on my website at www.LOMJS.com
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