What Happens When You Die a New York and There Is a Will or There Is Not a Will

When someone passes away in New York, their property and assets will need to be distributed according to their wishes, either through a will or by the state’s intestacy laws. In this article, we will discuss the key differences between having a will and dying without a will in New York.

Dying with a Will in New York

Having a valid will in New York is a crucial aspect of estate planning. It allows individuals to direct how their assets will be distributed after they pass away. If someone dies with a will in New York, their property will be distributed according to their wishes as specified in the will.

The first step in distributing assets according to a will is to go through probate. Probate is a legal process where the court verifies the validity of the will, appoints an executor to manage the estate, and oversees the distribution of assets. Once the court has confirmed the validity of the will, the executor will be responsible for managing the estate, paying debts and taxes, and distributing the assets according to the will’s terms.

If the decedent has minor children, their will can also appoint a guardian to take care of them. The guardian will be responsible for the children’s care and upbringing until they reach adulthood.

Dying without a Will in New York

If someone passes away without a valid will in New York, their estate will be distributed according to the state’s intestacy laws. The intestacy laws in New York provide a specific order of priority for distributing assets to the decedent’s heirs.

The first priority for asset distribution is the spouse of the decedent. If the decedent is survived by a spouse but no children, the spouse will inherit the entire estate. If the decedent is survived by a spouse and children, the spouse will inherit the first $50,000 of the estate and one-half of the remaining estate. The children will inherit the other half of the estate.

If the decedent is not survived by a spouse, the estate will be distributed to their children or, if there are no children, to their parents. If there are no surviving parents or children, the estate will be distributed to the decedent’s siblings or their descendants. If there are no surviving siblings or descendants, the estate will go to the decedent’s grandparents or their descendants.

If there are no surviving relatives, the estate will be distributed to the state of New York.

Conclusion

In conclusion, having a valid will is essential in New York to ensure that your assets are distributed according to your wishes after you pass away. If you die without a will, the state’s intestacy laws will determine how your assets are distributed, which may not align with your wishes. It’s important to consult with an experienced estate planning attorney to help you create a valid will and ensure that your wishes are carried out after you pass away.