What New Yorkers Need to Know About Dying Without a Will
Estate planning is essential to ensure your wishes are respected after passing. However, many people put off drafting a will, either because they believe they don’t need one or simply because they haven’t gotten around to it. If you die without a Will, it is called dying “intestate,” and New York law has specific rules that govern how your assets will be distributed.
Below, Estate planning attorney Nigina Khasidova explains what happens when you die without a Will in New York and why having a Will in place is so important.
New York’s Intestacy Laws: Who Inherits Your Property?
When you pass away without a Will in New York, your Estate will be divided according to state laws known as intestacy laws. These laws determine how your assets are distributed and may
not align with what you would have wanted. Here is how assets are typically distributed under
New York’s intestacy rules:
- Spouse and Children: If you are married and have children, your spouse will inherit the first $50,000 of your Estate plus one-half of the remaining balance. The other one- half of the Estate will be split equally among all your children (whether natural or adopted).
- Children Only: If you are unmarried and have children, your Estate will be distributed equally among your children. If any of your children pre-decease you, then their portion will pass to your predeceased child’s children (your grandchildren).
- No Spouse or Children: If you do not have a spouse or children, your Estate will be distributed to other family members, such as your parents if they are alive, and if not then to your siblings. If your siblings pre-decease you, then their portion will pass to their children (your nieces and nephews).
- No Immediate Family Closer Than First Cousins: If you have no surviving relatives closer than first cousins, then the public administrator of the county where you deceased will have to Administer the Estate and try to locate as many first cousins on the maternal and paternal side as are alive or survived you.
While intestacy laws provide a default plan for asset distribution, they do not account for specific
wishes or personal relationships. As a result, your loved ones may inherit assets in a way that doesn’t align with your intentions.
No Control Over Asset Distribution
Without a Will, you lose the ability to direct how your property and assets are distributed. For example, if you have a close friend or charity that you wish to leave assets to, intestacy laws do not recognize this. In the absence of a Will, only family members will inherit, and even then, only in the order prescribed by law. This lack of control over the distribution of your Estate may lead to disputes among your loved ones or unintended consequences.
No Choice in Appointing an Executor
In a Will, you can appoint an executor to manage the distribution of your Estate. The executor is responsible for gathering your assets, paying debts and taxes, and ensuring your Estate is administered according to your wishes. If you die without a Will, the court will appoint an administrator to handle your Estate. The administrator may not be the person you would have chosen, which can cause unnecessary delays or complications in the administration process.
Potential Delays and Additional Costs
The Probate process for an intestate Estate is typically more complicated and time-consuming than when a valid Will is in place. The court must follow the intestacy laws to determine who will inherit and appoint an administrator. This process can take longer, leading to delays in distributing your assets to your loved ones.
Additionally, without a clear plan in place, family members may have more disputes over who should inherit what, which can lead to costly legal battles. Having a Will in place helps ensure that your wishes are followed and can save your family time and money in the long run.
Guardianship of Minor Children
If you have minor children and you die without a Will, New York law does not provide any guidance on who will take care of your children. This could leave the court with the task of deciding who will be appointed as guardian, which may lead to family disagreements or delays. If you want to ensure that a specific person is named as the guardian of your children, it is essential to include this in your Will.
Create Your Will With N. Khasidova & Associates in Queens, NY
While dying without a Will in New York may seem like a small issue, it can create significant complications for your family and loved ones. From asset distribution to the appointment of a guardian for your children, intestacy laws do not reflect your unique wishes and can lead to unintended consequences. By taking the time to create a Will, you retain control over how your Estate is handled and provide your loved ones with clarity and security.
If you need assistance with creating a Will or developing a comprehensive Estate plan, contact N. Khasidova & Associates in Queens, NY. We can help you ensure that your wishes are clearly defined and legally protected.