A. Absolutely! By executing a Last Will and Testament you designate the person or persons you want to inherit your assets, bank accounts, real property, etc. You also designate the person you want to be in charge of, the executor.
If you do not have a Last Will and Testament, then your assets will be divided in accordance with the Estates Powers and Trusts Law. For example, if a decedent is survived by a spouse and issue (children), then the spouse receives the first fifty thousand dollars and one-half of the residue to the spouse, and the balance thereof to the children, by representation. This is in stark contrast to many of the Last Will and Testaments we draft based on our client’s desires.
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