Reena Gulati Blog

When it comes to estate planning in New York, there are several documents that are essential to ensure that your wishes are carried out if you become incapacitated or pass away. A basic estate plan should include a will, a durable power of attorney, a health care proxy, and a living will.

A will and a trust are two of the most important documents a person can create to ensure their assets are distributed according to their wishes after death. In New York, these two documents have different rules and requirements. Knowing the differences between the two can help you make the best decision for your estate planning needs.

Generally, when we talk about a Will, it refers to a document that distributes your financial assets upon your death. Often though, people believe a Living Will is the same thing as a Will. These are two separate and distinct estate planning documents. As just stated, a traditional Will, more formally known as the Last Will & Testament, transfers your financial wealth to your heirs or your distributees, including individuals and/or charities, you determine should receive your assets upon your death. A Living Will on the other hand, is a document that informs your health care agent (i.e., a person you choose to make health care decisions for you when you are unable) what your wishes are regarding your end-of-life care.

Any person or person authorized by law can serve as the executor. There are exceptions as enumerated in the Surrogate Court Procedure Act §707.

The short answer is yes but it is not a definitive answer. If the estate of the decedent will take a long time to go through probate, if there is a will or in the absence of a will, the administration of the decedent’s estate will be protracted due to disputes within the estate, such as a will contest or the objection to the appointment of a nominated Executor for fear that that the nominee is unfit for the job or fails to qualify, a Preliminary Executor can be appointed.