Posted On: October 27th 2014
While many of us prefer not to think about it, there comes a time when we are faced with the reality of our own mortality. One day, you too will pass and leave behind a collection of various assets– funds, properties, securities, life insurance earnings, etc. These physical and financial remains are collectively referred to as a person’s estate upon passing. While it may be difficult to consider and identify to whom parts of an estate may be passed, it is important to gather this information in a legal will, as without proper estate planning the inheritance process can become muddled and confusing. Beyond this, the process is further complicated when no executor is charged with estate administration
Without a legal or existing will, the State of New York removes the right to distribution of your personal assets from the hands of your loved ones and assigns the right in a manner established by a set of laws referred to as Laws of Intestacy. When read directly from NY Code Section 4-1.1, laws of intestacy may appear confusing, however they can be explained quite simply.
If you die with… then…
children but no spouse children inherit everything
spouse but no descendants spouse inherits everything
spouse & descendants
spouse inherits the first $50,000, as well as 1/2 of the total estate balance
descendants inherit the remaining estate balance
parents, but no spouse or descendants parents inherit everything
siblings, but no spouse, descendants or parent siblings inherit everything
While the Laws of Intestacy do generalize, sometimes in a favorable manner, the administration of estate and distribution of one’s assets, the Laws do not take into consideration familial relationships beyond those dictated within the Code. Consider, perhaps, you have an aunt with whom you share a maternal bond. Without the testator’s decision on will administration and execution, this aunt would be excluded from the distribution of any assets you would have chosen to leave. Will writing, however, takes more than the scribing of a few words and decisions on a piece of paper prior to your passing. The legalization and legitimization of a will can be one of the most confusing aspects of estate administration to navigate without proper legal counsel, and, if done incorrectly, will result in its overwriting by the Laws of Intestacy.
Beyond this, Laws of Intestacy do not govern who becomes the executor of the will, which can result in long, expensive legal hearings in Surrogate’s Court, causing not only a strain on a wallet, but on the familial relations of those who may be involved.
At Schwartz Fang & Keating P.C., we have a more than comprehensive understanding of just how complicated, painful, and enduring the process of will and estate administration can be. Our knowledge of NY Code permits us the ability to ensure that your final wishes are carried out to your exact specifications– not specifications governed by a law that does not take into consideration the family bonds sometimes extend beyond blood. Our goal, then, is to guarantee the proper passing of your legacy to your next of kin- whomever you define that to be.