None of us can predict exactly when we’ll pass away. Without proper planning, our assets may be left without clear direction.
So, what exactly happens if you live in New York and you die without a will?
Your Property Is Distributed According to the Law
In New York State, if you die without leaving a Last Will and Testament, it is determined that you have died intestate. This means that your property will be distributed according to the law.
In New York State, that law is found in EPTL 4-1.1.
The law will prioritize your family members, including spouses, children, and closest relatives.
Your Family Members Will Inherit Your Estate
If you have a surviving spouse and children, your spouse typically receives $50,000 and the remaining half of your estate. Your children will receive the other half.
If you have no children, your spouse will inherit your entire estate. If you have no spouse and multiple children, the estate is divided equally among them.
Even without a will, your surviving relatives have the right to go to the Surrogate’s Court to ensure proper and fair distribution of your estate. An administrator will be designated to manage your estate, pay off any remaining debts, and distribute assets fairly among surviving relatives.
If you have no surviving relatives, your entire property will go to New York State.
If you have specific desires for your estate after your death, it may be time to write your will so it doesn’t end up in the hands of New York State.
To get the process started, contact us at 914-600-5502.
