Wills and Estates - Page 2

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Commonly Asked Questions about Wills and Estates

What does will and estate mean?

Simply put, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.

What are the disadvantages of having a will?

Read more about Trusts here. Watch this video to learn more about why you may need a Will and a Trust. A Will Becomes Public Record. A Will Must Go Through Probate. A Will Only Becomes Effective Upon Death. A Will is More Likely to be Contested. What is one negative aspect of having a will?

What is the difference between a will and an estate will?

A will covers what will happen to your family and property after you die. An estate plan has a will but also includes other documents protecting your family and property while you are alive but incapacitated. An estate plan guides your loved ones in handling your financial affairs and medical care.

What can you inherit from a will?

It can include such things as: Cash. investment assets such as stocks or bonds. Real property, including land and real estate.

What are the requirements for a will to be valid in NY?

The will must be in writing and signed by you, the testator, at the end of the will. You must sign your will in the presence of at least two witnesses, who do not receive anything under your will. At the time you are signing your will you are to state to the witnesses that you are signing your will.

What makes a will invalid in NY?

There are several legal grounds on which a will can be challenged, including lack of testamentary capacity, undue influence, fraud, mistake, and revocation.

Why is an estate better than a will?

The difference between a will and an estate plan is that while a will is a single document, and an estate plan includes all legal documents to protect your heirs and assets while you are still alive, if you become seriously ill or incapacitated and after your death.

How much does it cost to make a will in NY?

How Much Does a Will Cost in NY? A Will in New York can cost roughly in the range of $300 to $1,000. This cost varies widely depending on three factors: the method of execution, complexity of the estate, and attorney fees (if you choose to work with one.)