Legal Question in Wills and Trusts in New York

The short answer is yes. There are several scenarios that could lead to a delay in the distribution of assets. The most obvious is if by some misfortune both you and your husband were to die in a common event or within a short time frame. While the laws of New York would most likely ultimately lead to the result of your children getting all of your property, having a will to establish an executor and the exact disposition you desire. It is not uncommon for a child to predecease a parent. There may be grandchildren that you want to receive your deceased child's share or not. This can be specified in the will. So while your circumstances are quite common, having a will would be a prudent move on your part. It is a fairly simple will to complete and the small amount of money expended executing a last will and testament will make the transfer of the assets simple in the future.

Most attorneys will discuss and have you execute health-care proxies and living wills and powers of attorney at the time they prepare a will. Also, depending on your circumstances and age, you may want to consider pre-planning and paying for funeral arrangements.

I hope this answer helps you to decide the merits of discussing a will and associated documents with a competent attorney.

I concur with Paul. Since you have not provided values for your assets, an important consideration is potential death taxes, on the death of the first to die and, more probablr, on the survivor;s death. Thus, you might want to consider a trust, which if properly drafted and used, migtht eliminate possible death taxes, protect the assets from creditor claims (e.g., if an auto accident was caused and the insurance is insufficient), to providing alternatives if a child predeceases you or has problems. Also consider a Health Directive and Power of Attorney in the event of sickness or incapacity.