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Revocable
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A Last Will and Testament (”Will”) can be thought of as an instruction manual for
disposing of your testamentary assets after you die. You can make specific
bequests and/or general bequest.
The Will can be simple (for example: Mary gives all to her spouse, if he survives
her, otherwise, her children, free and clear) or complex (for example: Mary gives
all to her spouse, in a form of credit shelter trust, if he survives, but if he does not
then, to her children in separate trusts until the children reach a certain age).
Unlike a Trust, a Will is not a contract.
Do I need a will?
If you are not sure whether you need a Will, Click here for a list of common
reasons to have a Will.
What are Testamentary Assets?
A testamentary asset is an asset that can be disposed of by Will. An asset that
can be disposed of by will is one which either:
1. Does not have a beneficiary designation; or
2. Is held either only in your name, or as a tenancy in common.
How do I execute a Will?
The Will can be signed just about anywhere (home, office, bedside, or even in a
tent). In New York, in order to be properly executed, the Will must be signed in
accordance with EPTL 3-1.1. This statute essentially requires that the Will be
declared a Will and signed in front of two attesting witnesses, who themselves,
should (for simplicity’s sake), sign a document called a “Self-Proving Affidavit”
Click here for Instructions for Executing a Will in New York.
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CONTACT
Regina Kiperman
p: (917) 216-4513
(917) 261-4514
f:(212) 248-2155
rkiperman@rklawny.com
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