What happens to your property if you die without a will? Our advice is always to make an appointment with an attorney and have a will done for the benefit of your family and for your peace of mind.
So, just what does happen to your house, your things, your money, all the things you have spent a life time building up, if you die and neglect to have a will drafted by an attorney?
Contrary to popular opinion, your estate will not go to the State.
Our Estates, Powers and Trusts Law in New York State gives a road map to the family by setting forth the persons qualified to share in the estate of a deceased relative. When a person dies without a will they die "intestate". When a decedent dies intestate, her property will pass to relatives in the following order:
1. If survived by a spouse and children, the spouse receives the first $50,000 and one-half of the rest of the estate. The children share the other one-half of the balance.
2. If survived by only a spouse and no children, your spouse receives everything.
3. If survived by only children, the children equally share everything.
4. If survived by only parents, the surviving parent or parents receive everything. Your brothers and sisters do not take anything unless both parents predecease the deceased intestate.
5. If survived by only siblings and/or children of deceased siblings they share in the estate with children of deceased siblings sharing in a special way called "representation."
The facts of each persons circumstances are very different. For example, if you own your house with a spouse, the house will not go into your estate, but will pass automatically to your spouse upon your death. Generally speaking, the same happens to joint bank accounts and other investments or funds held jointly.
It is always wise to consult with an attorney, ask a lot of questions and get a lot of answers about how you can plan for the distribution of your property after your death. Other related questions will include how to try to protect your property should you need long-term care such as nursing home care or residence in an "assisted living" facility.
The point is that you will experience peace of mind and protect your family if you spend a few minutes with a qualified attorney.
Joe Nichols
From Left: Tom Grue, Steve Vanier Luke Babbie and Joe Nichols
Usually in such cases there are no problems. However, you need to be sure that no one will claim your inheritance. The most important thing you can do to get a stolen inheritance back is to document everything. Read more in our article.
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