Legal Question in Wills and Trusts in New York

Re: Is will legal

Your question is very confusing in its syntax but let me try to explain: wills are legal though without seeing a particular will it is impossible to give an opinion as to its probatability. It is typical to name an executor; by naming an executor you are effectively giving the executor power of attorney to do that which is (i) stipulated in the will (assuming it is a legal stipulation) and (ii) required by law. A beneficiary is always named (otherwise the will is of very limited value) and devises of assets within one's estate are the purpose of the will. Life insurance is typically NOT within one's estate (as it has a named beneficiary) UNLESS the named beneficiary is the author of the will though in such a case it is typical to have the insurance paid into a trust for the benefit of others.

This is not legal advice but commentary. If you'd like to arrange for a consultation feel free to give the office a call at 212.366.1324.

Re: Is will legal

I agree with John, with some additional comments. Legality differs from state to state, so that a Will that is valid in one state may not be valid in another. Sometimes this is just a question of language or the requirements of signing, witnessing and/or notarization. Executors and holders of Powers of Attorney are separate and distinct matters (Executor handles the estate after you die, but POA acts during your lifetime, if you are unavailable or incapacitated). They can be the same person. This is usually done in separate documents, since Wills can be changed as circumstances change, and are not used until death. Wills can include and frequently do include funeral arrangements. However, since a Will cannot usually be probated for some time after death, it may be that the Executor will not have authority to act by the time the arrangements need to be made. It is better to have your funeral arrangements specified in a separate document and name the person who is to be responsible for the arrangements, plus authorize them to be repaid if they have to advance costs. Life insurance typically names a beneficiary and alternates, so the Will does not cover policies unless the policy is only payable to your estate. If the policy is large, which could trigger estate taxes, I suggest an irevocable life insurance trust be named owner and beneficiary. The trust document can specify what happens with the proceeds. As to naming a beneficiary in a Will, if there is no specific person to be named, it is possible that the state intestacy laws (laws determining who gets the estate where there is no Will and which usually follow the family tree scenario) will control. However, I have done Wills where the person allowed the Executor to select a beneficiary, from a class of people or among charities, with the Will indicating some guidelines on how the selection process is to be made. This would by-pass the intestacy laws. If you need help, contact me directly.