Legal Question in Wills and Trusts in New York

Re: What would happen to my home?

Your home would pass to your children. However, you should have a will, if only to make provision for the care and custody of your children.

The cost of making a will is nominal.

Daniel Clement

Re: What would happen to my home?

If you do not have a will, because you have children and no spouse, your children will inherit your estate under NYS law (EPTL Section 4-1.1)

To have a simple will drafted is relatively inexpensive (many lawyers will charge a flat fee instead of charging by the hour) and the peace of mind you will acquire is priceless. If you pass while your children are minors, you can designate in your will a person to be trustee of the estate until your children reach majority; you can also designate the age when the children can inherit, i.e., 18, 21, 30, 35, etc.; depending upon the circumstances of your divorce and in case your ex-spouse pre-deceases you, you may want to designate a guardian for the children. As I said, for a relatively small amount ($200), you will have peace of mind about your children�s future.

Re: What would happen to my home?

If you do not have a will, because you have children and no spouse, your children will inherit your estate under NYS law.

To have a simple will drafted is relatively inexpensive. If you pass while your children are minors, you can designate in your will a person to be trustee of the estate until your children reach majority; you can also designate the age when the children can inherit, i.e., 18, 21 etc.; depending upon the circumstances of your divorce and in case your ex-spouse pre-deceases you, you may want to designate a guardian for the children. For a fee of $175, you can enjoy peace of mind.