What are the different types of Wills?

 

In New York, there are several types of wills that can be used to specify how a person’s assets and property should be distributed after their death. Some common types of wills in New York include:

1. Formal wills: A formal will, also known as a testamentary will, is a written document that is executed in accordance with the formal requirements of New York law. To be valid, a formal will must be signed by the person making the will (the testator) in the presence of two witnesses, who must also sign the will.
2. Holographic wills: A holographic will is a handwritten will that is not witnessed. To be valid in New York, a holographic will must be entirely in the handwriting of the testator and must be signed by the testator. A holographic will is only valid if performed by: (a) a member of the armed forces of the United States while in actual military or naval service during a war, declared or undeclared, or other armed conflict in which members of the armed forces are engaged; (b)
   
    a person who serves with or accompanies an armed force engaged in actual military or naval service during such war or other armed conflict; and (c) a mariner while at sea. 
3. Nuncupative (Oral) wills: A nuncupative will is an oral will. To be valid in New York, the provisions of the will must be established by two witnesses. As with a holographic will, a nuncupative will is only valid if performed by: (a) a member of the armed forces of the United States while in actual military or naval service during a war, declared or undeclared, or other armed conflict in which members of the armed forces are engaged; (b)  a person who serves with or accompanies an armed force engaged in actual military or naval service during such war or other armed conflict; and (c) a mariner while at sea.

What is a Holographic Will?

A holographic will is a handwritten will that is not witnessed. Holographic wills are often used when a person does not have the time or opportunity to execute a formal will, or when they want to make a quick and informal disposition of their assets.

To be valid, a holographic will must be entirely in the handwriting of the person making the will (the testator) and must be signed by the testator. 

Holographic wills can be a useful tool for making a quick and informal disposition of assets, but they can also be subject to challenges and may not provide the same level of legal protection as a formal will.

What is a Nuncupative Will?

A nuncupative will is an oral will that is made by a member of the armed forces, or other civilian accompanying the armed forces, during a war. Nuncupative wills are also known as “deathbed” wills because they are typically made by a person who is on their deathbed and does not have the time or opportunity to execute a formal written will. In New York, a nuncupative will may also need to be witnessed by two or more disinterested witnesses.

Nuncupative wills can be a useful tool for making a quick and informal disposition of assets in certain circumstances, but they are generally not as reliable or enforceable as formal written wills. Because of who is limited in making a nuncupative will, they are rarely probated in New York. 

What is a pour-over-will?

A pour over will is a type of will that is used in conjunction with a trust. Unlike holographic and nuncupative Wills, which involve different ways in which a Will is made, a pour-over will concerns the contents of the Will.  A pour over will acts as a backup to the trust, ensuring that any assets that are not transferred to the trust during your lifetime will be transferred to the trust after your death.

Here is how a pour over will works:

1. You create a trust: A trust is a legal arrangement in which a person (the trustor) transfers property or assets to a trustee to hold and manage for the benefit of one or more beneficiaries. You create a trust by drafting a trust agreement and transferring assets to the trust.
2. You create a pour over will: A pour over will is a will that specifically states that any assets that are not transferred to the trust during your lifetime will be transferred to the trust after your death. The will “pours over” any remaining assets into the trust.
3. You transfer assets to the trust: During your lifetime, you can transfer assets to the trust by changing the ownership of the assets to the trust. This can be done through deeds, titles, or other documents depending on the type of asset.
4. You die: When you die, the assets that are in the trust will be distributed according to the terms of the trust agreement. Any assets that are not in the trust will be transferred to the trust through the pour over will. The executor of your will will be responsible for transferring the assets to the trust.

A pour over will is often used in conjunction with a revocable living trust, which is a type of trust that can be amended or revoked during your lifetime. A revocable living trust allows you to manage your assets during your lifetime and to specify how you want your assets to be distributed after your death. A pour over will acts as a backup to the trust, ensuring that any assets that are not transferred to the trust during your lifetime will be transferred to the trust after your death.

What is a living will in New York?

A living will, also known as an advance directive, allows you to specify your wishes for medical treatment in the event that you become unable to make decisions for yourself due to illness or incapacity. In New York, a living will can be used to specify your preferences for life-sustaining treatment, such as artificial nutrition and hydration, mechanical ventilation, and other forms of medical intervention.

A living will is different from a traditional will, which is used to distribute your property after you die. A living will takes effect while you are still alive and is used to guide medical decision-making in the event that you are unable to communicate your wishes directly.

To create a living will in New York, you must be at least 18 years old and be capable of making your own decisions about your medical care. You must also sign the document in the presence of two witnesses or have it signed in your presence by a notary public. It is important to keep your living will in a place where it can be easily accessed by your healthcare providers and loved ones.

It is imperative for most people to make a will to adequately distribute their estate at death. Accordingly, you should contact an attorney today to prepare a will and your estate.