In this way, jumping into the ocean is like creating a Last Will and Testament. We know that the time must come to create a Last Will and Testament, although we are never ready to take on the undesirable yet, imperative task.

It is obvious that you have, at one point in your life, heard that creating a Last Will and Testament is crucial, however to many, the reasons are ambiguous. So, to be unmistakable, here are just a few:

1.   Protects your children: Having a Will allows you to determine who will be the guardian of your children immediately after death. Without a Will, your children may be reluctantly house-hopping for an extended period of time until an adequate guardian is identified. The ability to designate the guardian of your choice protects your children.

2.   Keeps Family Sanity: When you pass away, you may not have given special instructions as to whom should receive your possessions and money. Unfortunately, this typically leads to family conflicts, even in the most stable families. With a Will, you can appoint which assets are passed on, to whom and when, thus avoiding any possible family uproar.

3.  Potential Tax Advances: If your assets exceed Estate Tax exemption levels, having the right clauses in your Will and your spouse’s Will can help you avoid unnecessary taxes. Don’t let the IRS be one of you beneficiaries.

Get a Will this summer. It will give you the refreshing feeling of knowing your family will be protected, even if you are not there; so go ahead and take that plunge!

As my grandmother grew older, my parents moved her and my Aunt Lucy out to Long Island.  Shortly after that, my grandmother was diagnosed with Alzheimer’s disease.  She struggled with it for 12 years.  The severity of the disease started out small, but rapidly affected her health and memory.  At the onset of the disease, my Aunt Lucy cared for my grandmother exclusively.  During the last 5 years of the disease, however, when the task of caring for my grandmother became too great for one person, a   team of aides was brought in to give her “around the clock” care.  Since my grandmother had never sought the advice of an Elder Law attorney before she became ill, nor did my Aunt Lucy seek such advice when my grandmother became ill, the choice was made to use my grandmother’s hard earned savings to privately pay for her health care needs.   That pretty much wiped out all of my grandmother’s hard earned savings.

During one of my last conversations with my grandmother, she asked “who are you?” before she stopped mid sentence and pointed out the window.  She saw an angel.  My grandmother was upset that I did not see the angel.  The angel might have actually been there, calling for my grandmother, because she passed away soon thereafter, but I don’t think an angel would have allowed my grandmother’s circumstances to cause her family such stress and pain.

My parents, who did not need my grandmother’s money, never insisted on having my grandmother pursue proper estate planning.  After 12 long years, my grandmother had nothing left.  It all went to her medical care.  In all my life, I have never met a person, who before getting sick, was as generous as my grandmother.  She always showered her children and grandchildren with gifts, and more importantly, love and affection.  At the end, she had neither to give.

What if she had estate planning in place?  What might have been different?  First, she could have saved most or all of her assets had she not needed to pay out of pocket for her long term health care.  Second, she could have left those remaining assets to the person who made the biggest difference in her life, my Aunt Lucy, who devoted her entire life to care for her and her family.  If someone was deserving of my grandmother’s hard earned savings, it most certainly was my Aunt Lucy.  However, even if there were assets left to give, my Aunt Lucy would not have been a beneficiary because my grandmother had no Will.  Without a Will, all of my grandmother’s assets would have gone to her living children, even though her children were financially secure and did not need the money.  Finally, my family could have suffered a lot less grief and worry had my grandmother’s wishes regarding her finances and advanced health directives been set forth in proper estate planning documents.  Lesson learned….take care of your affairs while you are in good health.  Don’t leave matters to chance!

Family Dynamics

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In New York, some of your assets will be distributed pursuant to the terms of your Last Will and Testament and others will not.  Typically, a Will only has the legal capacity to distribute assets such as homes, bank accounts and shares of stock that were only in your name, when you passed away.   Assets that do not typically pass through a Will include jointly held assets or assets that have a named beneficiary such as life insurance, jointly held bank accounts, retirement accounts, and living trusts.  Those types of assets are distributed directly to the named beneficiaries or joint owner without passing through the Will, but are still a part of the taxable estate.

One of the most important reasons why you need a Last Will and Testament is to protect your children in the event you should die while they are still minors.  In your Will you can choose an appropriate guardian to care for them until they reach an age of maturity.  In New York, if you pass away without a Will, the State will appoint a guardian for your children.  Do you really want New York State determining the fate and future of your minor children? 

No minor children?  A Last Will and Testament is also important to have in making distribution decisions.  A Will allows you to tell the world how you wish to dispose of your possessions (house, money, jewelry, etc.) upon your death.  Choose who should be a beneficiary.  Without a Will and your possessions are distributed pursuant to New York State Law.

Moreover, in a Will you can designate the person who you rely on the most to manage the money.  You may want to place it in a trust to be distributed upon your death to whomever you chose and at whatever age you think is appropriate.  This is particularly important if you are trying to insure that your money goes to your children or children from a prior marriage that may not be in line to receive anything if you pass away before your second spouse.

Finally, but not exclusively, having a properly drafted Last Will and Testament in New York can save you and your spouse from paying any unnecessary New York State and Federal estate taxes.  This enables you to pass on more of your hard earned money to the people you love.