Frederick J. Kramer
Attorney and Counselor at Law
Elder Law and Estate Planning
(516) 293-4747
LAST WILL AND TESTAMENT
It is advisable to have a Last Will and
Testament in addition to the Durable Power of Attorney, Health Care Proxy and
Living Will. Unlike the latter three
documents, your Last Will and Testament only becomes
effective at death. The Will does not empower
anyone to act for you while you are alive, but rather authorizes your "Executor" to carry out your
desires, and distribute your property after you have died.
It is critical to have a Will since it
represents your final opportunity to dictate who you desire to receive your
assets and who you trust to distribute your property.
Probate of your Will is required if you die
owning any assets in your name alone. The probate process is the submission of
your Will to the Surrogate's Court "to prove" that the Will is valid
and duly executed in accordance with certain statutory requirements.
The importance of having Wills is perhaps not as
critical on the first to die but rather on the second to die or in the event of
a common disaster. For younger couples
with minor children it becomes even more important to protect them and preserve
your resources for their future benefit.
The information
presented at this site should not be construed to be formal
legal advice nor the formation of a lawyer/client relationship.
All website content ©
2005, Frederick J. Kramer, Esq.