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Last Will and Testament The problems here are two fold - first, the
The most important and ubiquitous surviving parent will not have access to
document that is a necessary part of any the funds in a time of uncertain financial
estate plan is the last will and testament. circumstances (unless the children give
This document will serve many important the funds up upon reaching the age
purposes, including providing for how of majority); and second, the children
your assets should be disposed of at your will receive the entirety of such funds
death, choosing fiduciaries to administer immediately upon reaching the age of
your estate (and any trusts created majority. Even if the children are adults,
thereby), and selecting guardians for any in the event there are any issues between
minor children. In the absence of a last the surviving parent and the children,
will and testament, the laws of intestacy the children may refuse to waive their
of the State of New York will apply. rights to inherit, and thereby deprive the
This can lead to numerous problems. surviving parent of financial support in
Perhaps the most frequent issue that their hours of greatest need.
arises in such a case is the conflict of a
parent and child. Many couples expect Another important purpose of a will is
or desire that their surviving spouse will the ability to create trusts for the benefit
inherit their entire estate. Without a will, of your loved ones. These trusts can
however, the property of a decedent will protect your prospective heirs from fraud,
be split 50% to the surviving spouse, and misappropriation and waste. Additionally,
50% to the children who have survived in the event any prospective heirs of
the deceased spouse. In the event those your estate are disabled, recipients of
children are minors, the Surrogate’s Court government benefits of subsidies, trusts
will appoint a guardian an item for the can provide additional support and
children, and the property will be held improve the lives of your loved ones
in trust for the children until they reach without jeopardizing your beneficiary’s’
the age of majority, and the property will entitlement to those benefits
then be distributed to the children.
Page 30 - Commack Abbey, Inc..
