Unveiling the Risks of Relying Solely on a Will in New York Estate Planning
In the minds of many residents of New York, “estate planning” frequently enough conjures up images of a single document: the Last will and Testament. This notion is deeply ingrained in popular culture,frequently portrayed as the definitive expression of oneS final wishes. The prevailing assumption is that possessing a will equates to having completed your estate planning duties—your assets are safeguarded, and your family is taken care of. However, as an estate planning attorney with over three decades of experience in New york, I can assure you that this belief is not only simplistic but also perilously incomplete.
While a Last Will forms an integral part of any estate plan, relying solely on it resembles constructing a house with just its foundation—it’s merely the beginning. A will-only strategy leaves both you and your loved ones vulnerable to significant risks and unneeded complications that could easily be avoided. In reality, a will has inherent limitations that are rarely discussed outside legal consultations. This guide aims to shed light on why having just a Last Will falls short and how you can achieve comprehensive protection through more robust estate planning.
Probate: The Unavoidable Consequence of a Will
The most crucial aspect to grasp about a last Will is its purpose—it’s crafted for judicial review.A will holds no legal power until after death when it must be submitted for approval by the New York Surrogate’s Court through probate—a formal legal process fraught with challenges.
Navigating the Delays of Probate
The initial shock for grieving families frequently enough comes from realizing how time-consuming probate can be. Your appointed executor cannot instantly manage affairs; they must frist gain court approval by filing petitions and notifying interested parties before receiving “Letters Testamentary.” In counties like Albany or orange County, this step may take months; in busier areas like NYC, even longer—leaving assets inaccessible during this period while expenses continue unabated.
Financial Burden: The Costs Associated with Probate
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- Legal Network Team
- Estate Planning
