Fratello & Fox, P.C.

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ATTORNEYS AT LAW

What happens if you have died without a will and owned property that was not held in trust and/or did not have a beneficiary named (also known as intestate property)?  In such a case, New York State governs how your property is distributed under New York’s intestacy statute.

 

Under the distribution rules of intestacy, if you are survived by:

· Only a spouse (no children or descendents), your surviving spouse takes all of the intestate property.

· Only issue (no spouse), the intestate property passes to your issue.  Issue are descendants such as children and grandchildren.

· Only a spouse and issue, your spouse receives the first $50,000 and the remaining balance is divided in half with one half going to your spouse and the other to your issue.

· Only parents (no spouse and no issue), your parents take your estate in equal shares.  If you are survived by only one parent, that surviving parent obtains the entire intestate estate.

· Only issue of your parent(s) (no spouse, no issue and no parents), the issue of your parent(s) take the intestate estate.  Issue of parents may be your brothers, sisters, nieces or nephews.

·  Only grandparent(s) or issue of grandparent(s), (no spouse, no issue, no parents and no issue of your parents) one half of the intestate estate is received by your paternal grandparents’ side and the other half goes to your maternal grandparents’ side.  However, the distribution does not extend to second cousins.

· If you die and are not survived by any of the above descendants, the intestate property will pass to New York State.

 

If you do not have a will, you cannot name a person to distribute property that is not held in trust and/or does not have a designated beneficiary upon your demise.  By executing a valid will, you can appoint an “Executor” of your choosing.

Lastly, if you have minor children, you should consider naming a guardian of the person and property of your children.  A court is not bound to follow your wishes; however, the court will give your wishes consideration.

It is important to speak to a qualified attorney before executing a will.  New York State has specific rules concerning the execution of wills.  If your will is found to be invalidly executed, your estate may be subject to the rules of intestacy and not distributable according to your liking. 

 

Dated: 6/8/2006

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The information in this website is intended for information only and does not represent legal advice.  Receipt of materials from this website does not constitute an attorney-client relationship between Fratello & Fox, P.C. and the receiver.  Professional counsel should be sought before utilizing any information contained in this website.