Estate Planning can seem like a daunting task, particularly for people who have a lot of assets and complicated family dynamics. However, estate planning in New York is not as complicated as it may seem. Most people who live in New York State have relatively straightforward assets and wishes, which means their property can be distributed with a Simple Will. FastWill can help you make a legally valid Simple Will in New York State to protect your loved ones in just minutes. Our online Will-making platform is guided by the principles set forth by New York statutory law and informed by New York estate planning lawyers. This article is your comprehensive guide to drafting a Simple Will in New York.
Table of Contents
Step 1. Why is it Important to Have a Will in New York?
Step 3. Name Beneficiaries and an Executor
Step 4. Make Sure You are Qualified to Make a New York Will
Step 5. Draft Your New York State Simple Will
Step 6. Changing Your New York Will
Step 7. Execute Your Simple New York Will
Step 1. Why is it Important to Have a Will in New York?
Since more than half of all Americans do not have a Will, let's consider all of the reasons why it is so important to have a Last Will and Testament. The most important reason to have a Will is so that you ensure that your property is given to the people you chose. Dying without a Will - which is called dying "intestate" - gives the state of New York control over your last wishes. Your property is then distributed according to New York Law EPTL 4-1.1. This law sets out a complicated formula that divides property among your surviving relatives. If you don't have surviving relatives, New York State takes your property.
If you die unexpectedly without a Will, your family will probably have to go through the court system. In New York, the probate court is called "Surrogate's Court." However, when you have a Simple Will, the process is faster, and it is largely controlled by the executor you name in the Will. You also can use a Simple New York Will to name a legal guardian for your children.
Step 2. Inventory Your Assets
To begin drafting your Will, make a comprehensive list of your assets and determine how you want them distributed. Here are some examples of things you must include on your list:
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Real estate (property)
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Bank accounts
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Investment accounts
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Personal property (jewelry, vehicles, antiques, collectibles)
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Business ownership interests (e.g., you own part or all of a business)
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Insurance policies
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Digital assets like cryptocurrency or frequent flier miles
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Cash
Step 3. Name Beneficiaries and an Executor
A beneficiary is someone who inherits specific property designated by you in your Simple Will. An asset that the beneficiary receives may be referred to as an "inheritance." After you've created an inventory of your assets, decide who you want to receive each item. Include their full legal names, addresses, and contact information.
You must also name an executor to administer your estate. An executor will have the authority to pay your creditors and distribute your property to your beneficiaries. Choose someone who is trustworthy and good with finances. It's also helpful to pick someone who is steady during stressful times. This may be your spouse or child, but not always. You could pick a good friend, lawyer, or accountant. We recommend naming an alternate executor just in case the first person you pick is not available or is unwilling to serve in that role when the time comes.
Most people decide to make a Living Will in addition to the Simple Will. You can use FastWill to make a New York Advanced Directive. Assuming your selection is a Simple Will, move on to Step 5.
Step 4. Make Sure You are Qualified to Make a New York Will
In New York, there are certain requirements to make a Simple Will:
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Age: To create a Will in New York, you must be at least 18 years old.
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Mental Capacity: You must also be of "sound mind". This means that you are aware of what it means to write a Will, that you know what assets you have and who your beneficiaries are, and you understand the consequences of writing a Will.
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Two Witnesses Who Aren't Beneficiaries: New York law requires that a Will be witnessed by at least two competent witnesses who are at least 18 years of age. These witnesses must observe you (the testator) sign the Will and attest to your capacity and understanding of the document's contents. New York law does not allow a beneficiary to also act as a witness unless there are at least two other witnesses who are not Will beneficiaries. A beneficiary is considered a person with a financial interest in the Will, so that person is not considered disinterested.
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Notarization: While not mandatory, notarization is highly recommended. A notary public can further validate the authenticity of your New York Simple Will, making it "self-proving." This designation simplifies the probate process.
Step 5. Draft Your New York State Simple Will
Next, you will draft a Simple Will that meets New York's legal prerequisites. This is fairly easy to do as long as you include the following things:
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Name, Address, and Signature: Identify yourself as the testator by listing your legal name and current address. At the end of the Will, you will sign the document in accordance with the procedures stated by New York law. FastWill has automated this process so that you sign correctly.
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Executor and Beneficiaries: Name the executor of your Will and your beneficiaries. For the executor, include an alternate.
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Identify a Guardian: If you have minor children, designate a legal guardian who will have custody.
Step 6. Changing Your New York Will
FastWill recommends that you review your New York Simple Will periodically or when something in your life changes.
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Major Life Events: Whenever significant life events occur, such as marriage, divorce, the birth of a child, an interstate or international move, or the acquisition of new assets, update your Will to reflect these changes.
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Periodic Reviews: Even if nothing major has changed, it's still a good practice to review your Will every few years to ensure it still aligns with your current wishes.
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Amending or Revoking: If you need to make changes to your Simple Will, you can amend it by creating a codicil (which is an addition or modification). You can also revoke the Will and create a new one. FastWill makes these changes much more efficient than the traditional way that New York Wills were drafted, which involved meeting with an attorney every time you needed to make a change.
Step 7. Execute Your Simple New York Will
To make your New York Will legally valid, you have to "execute" the Will. This involves signing the Will and ensuring that your witnesses also properly sign the Will. The state doesn't require you to notarize the Will, however, if you choose to do so, it will prevent the need for your witnesses to come to the Surrogate's court to verify their identity. This makes probate go a little smoother. FastWill has partnered with OnlineNotaryCenter to connect you with a notary as soon as you complete your document.
When these steps are complete, congratulations, you've made a Simple Will! The only thing left to do is be sure to store the Will in a secure location.
