What Happens When You Die Without A Will
“Intestate” means to die without a will. When a New York resident dies without a proper Will in place, the intestacy law in New York gives the surviving spouse the entire estate, if there are no living children or other descendants. If there are living descendants, then the surviving spouse inherits the first $50,000 of the estate. The remainder of the assets are then divided, with 50% going to the spouse and the other 50% being equally divided among the decedent’s descendants.
If there is no surviving spouse, children or grandchildren, the estate is given to distant living relatives of the decedent. The absence of a will means that the assets are under the control of the State of New York and are divided up according to the established laws. If the decedent had expressed the desire to donate part of their estate to a favorite charity or exclude a family member from receiving anything, without the presence of a valid Will, their wishes cannot be carried out.
A Little Planning Goes A Long Way
When it comes to Wills, probate, and trust administration, planning ahead and having an excellent estate planning attorney, such as Cara Law, can protect your estate, your assets, and your family. By working with Cara Law, you will ensure that your obligations are met, estate taxes are paid, and that your beneficiaries, including charities, receive the maximum possible amounts.
Affordable Estate Planning From Cara Law
In addition to this, having a plan in place will save your family undue stress, avoid the possibility of someone contesting your Will and will help protect your family’s privacy. Cara Law offers affordable estate planning and trust administration services in New York. Our attorneys will answer your questions, advise you on setting up a trust and make sure you understand what the process looks like. Planning is better than procrastinating! Set up your free consultation today.