LAW
Planning Your Estate (Focus on New York State)
Many people put off estate planning because they feel as though they are too young, have no property substantial enough to account for, or, have nobody to bestow their property to. However, for most people, this is far from the truth. In reality, it is never too early to start thinking about your property and what should happen to it in case of your demise. In this unfortunate event, if you do not have a will, the government retains full right to determine how to distribute your assets and what will be left to your loved ones, even your beloved pets.
In the state of New York, anyone of sound mind who has reached the age of 18 can write a will. However, for a will to be valid in the state of New York it must meet the following requirements; a) it must be in writing, b) it must be signed by the testator, c) it must be signed by 2 “disinterested” witnesses within 30 days of the testator’s signing.
A “Disinterested” witness is generally a witness who is not a beneficiary to the will. So anyone who knows you, and stands nothing to gain from your will, may serve as a witness. This rule is taken so seriously that in New York State, any gift to a witness is void, unless there are at least two other disinterested witnesses to sign the will.
If for whatever reason a testator cannot physically sign the will, he or she may appoint someone else to do so on his behalf. The only requirement is that the will must contain the babe and address of the person appointed to do so.
What Happens If I Do Not Have A Will?
If a person dies without a will they are said to have died “intestate” and state intestacy laws will determine how their assets should be distributed. Without a will, under intestacy laws, a decedent’s family cannot dispute a courts determination of asset distribution. Thus, the only way for you or your family members to control what happens with your property in your demise is to prepare a will before hand.
A will is essentially a basic piece of paper until the demise of the testator. When the testator dies, there is a waiting period between the time of the testator’s death and the execution of the will. This means that if you decide to bestow anything to someone who is otherwise completely dependent on you, you will want to make arrangements for what happens to your dependent during this waiting period.
Who Can Be a Beneficiary?
Intestacy laws also make provisions for non-human dependents. While you cannot leave money outright to a non-human beneficiary, in your will, you can designate a caretaker, and leave money to him or her to care for your pet. Because life happens and peoples’ situations change, it is a good idea to name one or two people who can take responsibility of your pet incase, for whatever reason, your initial choice cannot or no longer chooses to. Remember that anyone you authorize as caretaker of your pet assumes its complete ownership and responsibility. He or she decides how to take care of your pet and can even decide whether or not to euthanize it. To ensure your pet is in the best hands in your absence, it is important to make this choice carefully and ensure that it is someone you can trust. If there is no appropriate person to take care of your pet, consider naming a charitable organisation like the humane society.
A pet can be a beneficiary of a trust!!!
So? What should I do?
The best way to ensure that your assets are properly taken care of in your absence is to prepare a will. In the event that you are no longer around to dictate your own wishes, your will can do all the talking for you. Hiring an estate attorney is the best way to consider all your assets and know the best options for them. Depending on what and who you care about most, your estate attorney can help you devise the most comprehensive will that ensures that your property is adequately distributed according to your wishes, and your loved ones are properly taken care of in your absence.
by Feyisola Shadiya
