Legal Question in Wills and Trusts in New York

Re: What does next of kin mean?

As a resident of the State of New York, your children are your next of kin.

Re: What does next of kin mean?

Yes, your children are your next of kin. If they are minors (under the age of 18), the Court would appoint a Guardian of the Property to invest and distribute the funds to them.

You should have a Will drafted nominating a Trustee and specifiying the terms of the trust yourself. This is an inexpensive document.

You may contact me at anytime to schedule a complimentary consultation.

Re: What does next of kin mean?

I concur with Norman and Michael, and suggest that you both have a Will, not only for property disposition, but to name a Guardian and Trustee if the children are minors. You do not want a Court to make these decisions for you. Depending upon the value of your holdings, and potential inheritance from your parents, you might want to consider a Living Trust, which can be quite flexibile, provide for all of your needs (children and parents), and some possible death tax and estate cost savings. Someone familiar with Wills and Trusts should be consulted.