Schlessel Law, led by Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/five-common-types-of-wills-in-new-york/), provides an in-depth overview of the five most common types of wills available in New York. As more individuals seek to secure their assets and ensure their loved ones are cared for, understanding the nuances of these legal documents becomes essential.
Long Island estate planning attorney Seth Schlessel emphasizes the importance of selecting the right type of will to match each individual’s needs and circumstances. He notes that with various options available, it is crucial to be well-informed to make the best decisions regarding one’s estate. “Choosing the correct will type is a significant step in safeguarding your family’s future and ensuring that your wishes are honored,” says Seth Schlessel.
Seth Schlessel, a trusted Long Island estate planning attorney, explains that wills are not one-size-fits-all documents. The article highlights five different types of wills that New York residents can consider: Simple Wills, Pour-Over Wills, Joint Wills, Holographic Wills, and Nuncupative Wills. Each type serves a specific purpose and comes with its own set of advantages and potential drawbacks, making it essential for individuals to seek professional advice when drafting these documents.
A Simple Will, according to Seth Schlessel, is the most straightforward option, where an individual outlines how their assets should be distributed after their passing. This type of will is ideal for those with uncomplicated estates and a clear understanding of their beneficiaries. However, for those with more complex family dynamics or asset structures, a Simple Will may not suffice.
Schlessel also highlighted the Pour-Over Will, which is often used in conjunction with a living trust. A Pour-Over Will ensures that any assets not already included in the trust at the time of the testator’s death are transferred into the trust. Schlessel described this type of will as a safety net, capturing assets that were not initially accounted for in the trust, thereby providing additional security and ensuring the trust is fully funded.
Joint Wills, as Seth Schlessel points out, are often used by married couples who wish to have a unified will. This type of will stipulates that upon the death of one spouse, the entire estate is transferred to the surviving spouse. While this may seem like a convenient option, Schlessel warns that Joint Wills can be restrictive, as they typically cannot be altered after one spouse has passed away, potentially leading to complications in the future.
Seth Schlessel touches on Holographic Wills, which are handwritten wills that do not require witnesses. While these wills may seem convenient, they are not recognized in New York unless they are created under specific circumstances, such as by active military personnel during wartime. Schlessel advises against relying on Holographic Wills due to their limited legal validity and the potential challenges they can pose during probate.
Seth Schlessel also discusses Nuncupative Wills, which is an oral Will that differs from the formal requirements typically mandated by New York law. Unlike a standard Will, which must be written, a Nuncupative Will is spoken in the presence of at least two witnesses. Generally, such Wills are not considered valid and are unlikely to be admitted to probate.
As Long Island estate planning attorney Seth Schlessel notes, each of these wills has distinct features that cater to different estate planning needs. It is crucial for individuals to carefully consider their circumstances and seek guidance from a professional to determine which type of will is most appropriate for their situation. “Estate planning is not just about distributing assets; it’s about making sure your wishes are honored and your loved ones are protected. Consulting with a knowledgeable estate planning attorney is essential to achieving these goals,” says Schlessel.
With the complex aspects of estate planning in mind, Seth Schlessel encourages individuals to take proactive steps in preparing their wills. By understanding the options available and working with a qualified Long Island estate planning attorney, New Yorkers can further ensure that their estates are handled according to their wishes, providing peace of mind for themselves and their families.
About Schlessel Law:
Schlessel Law is a Long Island-based law firm well-versed in estate planning, elder law, and real estate law. Led by Seth Schlessel, the firm is committed to providing personalized legal services that meet the unique needs of each client. With a focus on helping individuals protect their assets and plan for the future, Schlessel Law can offer comprehensive guidance and support in all aspects of estate planning.
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