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JOINT PROPERTY
A will cannot dispose of property held jointly with another person, i.e. joint bank account, real property held jointly. This property will pass to the co-owner.
TOTTEN TRUST ACCOUNTS
These accounts are also known as "paid on death" or "pod" accounts. Moneys in such accounts automatically pass to the named beneficiaries unless the will specifically indicates otherwise. Meaning the will should specifically revoke the totten trust accounts, listing the bank names and account numbers.
INSURANCE PROCEEDS
A will cannot affect the payment of life insurance proceeds. The policy will automatically pay to the beneficiary despite what the will says. The only way to change this is to change the beneficiary on the policy.
SPOUSE'S ELECTIVE SHARE
Under New York Law it is possible to completely disinherit one's children, but not one's spouse. The spouse's right to inherit, which cannot be taken away by a will, is called the "right of election".
LOST WILLS
In the event a will is lost it is still possible to probate the estate if there is proof:
- That the will has not been revoked
- The execution of the will can be proven
- All of the provisions of the will are proven by at least two witnesses or a copy of the will proves to be true and complete..
Circumstances can arise even with simple wills that must be considered when compiling your will. Certain assets are not considered part of an estate and there are laws governing the disposition of joint property as well as who you can and can't disinherit. Having your simple will prepared by an attorney experienced in drafting new york wills who is familiar with the laws of New York can assure you that your Last Will and Testament will be a valid instrument in passing on your estate to your designated heirs.
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Obtaining a simple will that protects your estate is easy and affordable. Joint Property, Totten Trust Accounts, Insurance, Spouse’s Elective Share and Lost Wills are special situations that need to be considered when writing a will. Paul Matthews can aid you in making the right choices in situations involving your estate and will planning.
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347- 461- 0760
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Disclaimer: The information on this website is intended to show general principles, and should not be relied upon for decision making without consultation with an experienced attorney as to your particular situation. Contact via email does not establish an attorney-client relationship.
