Wills are valuable estate planning tools that can be used to dictate how people’s assets should be handled after they have passed away. However, New York residents should take care to avoid leaving out certain elements when they create their wills.
Including alternate beneficiaries in a will can help to prevent conflict and confusion in the event that the primary beneficiary dies before the testator. Careful thought should also be given to the proposed beneficiaries’ abilities to inherit and manage the assets they may receive. A person’s mental competency and his or her age should be factors in considering whether he or she is a good beneficiary candidate.