Estate Planning: Will and Last Testament
Yes! – If it has been 5 years since you last reviewed your will it is time to look again and if appropriate, update your wishes!
NO! – If you do not have a will, we urge you to create one.
Wills are legal documents that map out how your estate will be distributed. If you die without a will, state law governs how your estate will be distributed. The court will distribute your assets according to a mandatory schedule which is not likely to reflect your personal preferences and will certainly not take into account individual circumstances. By creating a will you, not the government, determine who receives which share of your estate goes where and how.
Making a will prevents excess administrative expenses that can arise if a well thought out plan is not in place; it enables you to exercise your choice in determining who will inherit your assets, and it communicates your final wishes to your family and friends making a difficult time in their lives a little easier. But above all else, it gives you the comfort of knowing that whenever that time comes, you have done everything in your power to safeguard the future of those you love.
Will the state in which you live provide a testamentary plan for your estate? The answer is yes. The state has written a Will for you. It is efficient but it is not personal. New York law will handle estates with no Wills; the process is called “passing by intestacy,” which translates to “without a Will.” New York’s intestacy plan follows strict bloodlines and your family tree:
What happens if your loved one dies and there is no Will?
* Please let us know if you have already included Calvary in your estate plan so we can welcome you as a member of Calvary’s Society of 1899.
Contact Elizabeth Edds Kougasian, Esq. by email: Ekougasian@calvaryhospital.org or phone: 718-518-2080.