After someone passes away, their belongings and assets must be distributed. Without a will that details who should inherit these assets, the estate must go through a legal process known as administration, which can lead to delays and decisions that may not correspond with the wishes of the deceased. Fortunately, estate planning can give you control of your assets, ensuring that they end up in the correct hands. Here's an overview of this process and why it is so essential.

What Are the Consequences of Passing Away Without a Will?

When someone passes away without a will, the state has enacted statutes that outline specific rules governing distribution.   In New York, the property is distributed to the closest living relatives. Perhaps, the most compelling reason for preparing a will is to avoid the statute that specifically directs that a spouse does not inherit everything where there are children involved. Although the spouse receives the first $50,000, the balance is split between the spouse and the children.  Most clients prefer that their spouse inherits their entire estate.  Without a will, such will not happen.  

Unfortunately, many people are under the mistaken impression that their estate will pass to the state if they don't have a will. Such is not the case.  As noted previously, the family will inherit (but not necessarily as intended by the deceased).  The state is involved only if the decedent has no family at all.  

As I have mentioned in some of my previous articles, the will only deals with those assets that are owned solely in the name of the deceased and do not have a designated beneficiary.  Clearly, a review of your assets should assist you in preparing for your estate planning conference.  

How Can Estate Planning Help?

Writing a will is a major part of estate planning and can ensure that your property is divided according to your wishes. In the will, you will appoint an executor, who is given the legal responsibility of administering the terms of the document. Many people choose a family member or a trusted friend to serve in this role.

The will should focus on how you wish to distribute your assets in the event of your death.  Some prefer to outline all your property, including real estate, vehicles, bank and investment accounts, and any other valuable items. You can name beneficiaries to inherit all or some of these assets. Others, prefer to make more general distribution plans as one never knows what their estate will consist of at the time of their death.  Finally, you can also appoint guardians for your children and caretakers for pets, as well as leave behind donations to charitable organizations. Going through this process will ensure that your final wishes are respected and will ease the burden on your family.

Craft a will with the help of the legal team at Pelkey & Pelkey, P.C. They provide skilled legal counsel and representation for clients in Rochester, NY. With more than 60 years of combined experience, they specialize in estate planning and real estate law, including wills, trusts, and property sales and purchases. Call (585) 544-3440 to schedule a consultation, or visit their website to learn more about the firm.