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Intestacy Laws
"Intestacy" refers to any person who dies
without a valid Will, as well as to any of the deceased's property which
does not have instructions for its ownership.
Without a
valid Will,
New York laws control who receives your property at death, as well as the
exact amount
that is given to each person.
These
"Intestacy Laws" are an attempt to distribute each person's property
in the manner that it
is believed most people would prefer, which is typically to the most closely
related living family members.
However, these laws are merely an assumption and the same distribution
pattern is applied
to all intestate property.
Married Couples
Many married
couples assume that each spouse's individually owned property will automatically
belong to the surviving spouse if either of them dies without a Will.
In
actuality, these laws provide the
surviving spouse with just
one-half of the value of the deceased spouse's property, plus $50,000
if the deceased has just one child, grandchild, or even great-grandchild
living at the time of his or her death.
In fact, although rare,
great-great-grandchildren are
also included in this listing and may prevent the spouse from receiving the
entire intestate estate.
Specific
Examples | Click Here >>
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Married Example
Assume that John, who is married to Susan, has
recently died with a $500,000 estate, but without a Will.
John
and Susan had one child, who died many years earlier. John and Susan have
two adult grandchildren by this deceased child.
Although many people would assume that John's wife Susan is entitled to the
entire $500,000 of John's estate, she will in fact receive just $275,000 of the estate,
a little more than one-half.
Without a valid Will directing otherwise, John
and Susan's grandchildren are entitled to receive the remaining $225,000 according to
New York's Intestacy Laws.
Also note that the ages of these grandchildren
are not given any consideration. The fact that each is an adult does
not change the effect of these laws. Each grandchild may also be
wealthier than Susan, but these laws still grant them a portion of John's
estate simply because he did not have a Will.
More Examples | Click Here >>
New York Intestacy CalculatorTM
The previous example, and many other possible scenarios,
are shown by our exclusive Intestacy Calculator.
Choosing different family scenarios can often
produce interesting and unanticipated results.
This exclusive Intestacy
CalculatorTM
evaluates each of your answers to determine whether more information is
needed and, if so, which questions must be asked. With sufficient
information, the Intestacy Calculator automatically provides a summary of
the dollar value assigned to each person according to New York's Intestacy
Laws.
As you work through different fact patterns, you
may reset the calculator and begin again. Providing different answers
to the questions will produce different results.
You may freely use our Intestacy CalculatorTM,
without any obligation, and learn about the many possibilities for the
distribution of an intestate estate under New York's Intestacy Laws.
Of course, you cannot substitute this information for the advice of an
attorney.
Open the Intestacy CalculatorTM
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