Where There’s No Will- It’s Their Way
by Neil S. Siskind, Esq.
One thing that is very clear under the laws of most states- if you die without a Will, the state determines who gets what on your behalf to the extent that joint ownerships of property are not involved. The decision of exactly who gets what and how much they get is no longer in your control. State laws called Intestate Succession laws spell out how your assets are divided among your survivors.
In New York, Chapter 17-B of the New York State Consolidated Laws specifies the order of inheritance for the different degrees of kinship to a deceased person, and the percentage distribution that each would be entitled to. The Statute generally provides for the distribution of estate assets as follows:
1. A surviving spouse is the first in line and will inherit all the assets of an estate if there are no children or grandchildren. If there are children, the spouse receives $50,000, plus one-half of the remaining estate.
2. Children
3. Parent, or parents equally
4. Siblings and half-siblings
5. Grandparents
6. Aunts and uncles
7. Grand children of the deceased person's grandparents
8. Great grand children of the deceased person's grandparents
9. The State of New York
While under these laws, your loved ones are still the beneficiaries, they may get assets in amounts that are unfair or contrary to what you would have wanted had you taken the time to document your wishes. This could leave ill-will amongst family members. It also does your own life a disservice. No matter how much or how little you have- it is yours. Just as if you were alive, you should decide what happens to your property and not leave it to the government to decide. Dying without a Will can also be costly. Courts charge fees to collect assets on the behalf of the estate and divide them up according to law. Moreover, if a family squabble arises, it can not only destroy a family but can cost them in legal fees to fight it out in Court. These costs can take much from everyone involved.
People die without a Will in most cases because they are in denial that something can happen to them. In other cases, people are just being irresponsible. They just don’t take the time to think about who will be left behind and what they will have to deal with if the family provider dies. Others don’t make preparing a Will a priority when they are unmarried and/or have no children. Even if you have no children, you still may want friends, cousins or siblings to receive certain of your assets.
If you wait until you are sick or injured to plan your estate or make a simple Will, you will likely not be in the right state of mind or physical condition to do it all properly. It is advised that while you feel mentally and emotionally able, you prepare your assets in case of death. If you are already injured or ill, you see that there is no time like the present to plan for unforeseen events and protect your assets and the ones you love.
Whether you need a simple Will or Trust, or more sophisticated planning, contact The Siskind Law Firm to plan your estate today.
