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When it is said that a person has died intestate, it means that they died without leaving a Last Will and Testament. A Last Will and Testament is among the documents we call, “the four must-have legal planning documents.” The other three documents include: Durable Power of Attorney, Health Care Proxy, and Living Will.
The purpose of a Last Will and Testament is to express your wishes and identify who is to receive your property and assets upon your passing. It is imperative to complete a Last Will and Testament if you want to have a say on who receives your assets when you are no longer with us.
If a Last Will and Testament is not completed, the state has a set hierarchy for how your assets will pass:
|If the Decedent has…||then|
|a spouse (husband or wife) and no children||the spouse inherits everything|
|children* but no spouse||children inherit everything|
|spouse and children*||the spouse inherits the first $50,000 plus half of the balance. The children* inherit everything else.|
|parents but no spouse and no children*||the parents inherit everything|
|siblings (brothers or sisters) but no spouse, children*, or parents||the siblings inherit everything|
|* If a child dies before the Decedent and had children of their own, then the Decedent would have grandchildren. Those grandchildren would step into the Decedent’s child’s place and inherit in place of the child.|
|no family at all||the property will go to New York State|
It is important to note that the laws of intestacy only govern assets that pass through your probate estate. A probate asset is an asset in an individual’s name alone, without a right of survivorship or beneficiary designation.
By consulting with an estate planning attorney, you can gain peace of mind knowing that your assets will pass to your desired loved ones. Contact us today to schedule a planning meeting!
Russo Law Group, P.C.
100 Quentin Roosevelt Blvd., Suite 102
Garden City, NY 11530