Drafting wills can help with protecting assets long term

On Behalf of | Aug 9, 2018 | Wills

Discussing the possibility of death typically is not something people feel comfortable doing in New York and elsewhere. However, death is unavoidable, so it only makes sense to prepare for it by engaging in estate planning, which includes drafting wills. Here is a look at what creating wills involves.

Wills/testaments are legal declarations of people’s intentions regarding how they want their property to be handled when they die. Therefore, wills operate only after the people who created them have passed away. Every person who is mentally sound and has free consent can create a will. In other words, bad health and age do not have to be the deciding factors for creating wills.

Any will that has been obtained by undue influence, force or coercion is legally void because this takes away a person’s free consent. In addition, if an individual dies and fails to create a will, the state will end up determining how this person’s estate will be distributed. For this reason, creating a will is critical for ensuring that a person’s assets are passed on according to his or her wishes.

The process of creating wills can certainly seem overwhelming and complicated, which is why many asset owners avoid getting started with it. This is true whether a person has only a few assets or has many high-value assets. However, an attorney can provide asset owners with the direction they need to put together comprehensive wills that accurately reflect their long-term wishes for their property in New York.