Long Island estate planning lawyer Seth Schlessel releases a new article (https://www.schlessellaw.com/what-happens-if-you-die-without-a-will-on-long-island/) explaining how intestate laws work in New York and gives a brief overview of the Estates Powers and Trusts Law. The attorney mentions that dying intestate is a legal term used to refer to dying without a will. When a person dies without having a legally binding will, their assets are governed by the Estates Powers and Trusts Law.
Attorney Schlessel explains that the law dictates the line of distribution when someone with assets dies intestate. If the deceased person has children, their spouse inherits $50,000 along with half of the remaining estate with children inheriting the rest of the assets equally. Without children, the person’s spouse inherits the entire estate. If the person is unmarried and childless, their assets would go to any living parents or siblings. If there are no relatives left to inherit, all of the person’s assets would go to the state of New York.
According to the Long Island estate planning lawyer, the law could potentially cut the deceased person’s loved ones out of the line of distribution without a will. “If you have step-children these arrangements cut them out. If you don’t have a will, these arrangements could very well leave your spouse without enough money or assets to live on. If there is a friend or a charity you’d like to give some money to, you won’t be able to do this without a will. If you are taking care of your elderly parents they could be utterly stripped of the assets they need for their care, unless your children decide to take on the responsibility.”
New York laws necessitate the need for an estate administrator who has the responsibility of collecting assets, paying debts, and distributing assets to the deceased person’s beneficiaries. When someone dies intestate, a probate process is also initiated, with strict rules about estate administration. Attorney Schlessel explains that the process is considerably easier if a person prepares a will or a living trust in advance.
The New York estate planning attorney explains that planning an estate starts with understanding what can happen if a person passes away without a will. Most people would prefer to choose who manages their assets when they pass away or which of their beneficiaries would get which asset. Decisions about what happens to an estate would be better honored by putting it in writing on a legal will.
“New York estate planning lawyers recommend that you prepare a will or living trust, to avoid the probate process, with its stringent rules regarding estate administration. A will allows you to choose your executors, avoid the need to impose a bond, and control who receives your assets.”
Finally, attorney Seth Schlessel emphasizes the importance of consulting with an experienced Long Island estate planning attorney. A qualified attorney may be able to provide the legal guidance necessary to navigate New York’s estate planning laws.
About Schlessel Law PLLC
Seth Schlessel is the founder of Schlessel Law PLLC. As a skilled estate planning attorney, Mr. Schlessel understands the importance of a comprehensive estate plan to a family’s future. He and his team have helped many families preserve their assets and ensure that a person’s wishes are carried out the way they want. Aside from estate planning, the firm also helps with elder law, personal injury law, and startup/corporate law. Contact us today to learn more.
Schlessel Law PLLC
34 Willis Ave Suite 300, Mineola, NY 11501, United States
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Schlessel Law PLLC is led by Seth E. Schlessel, Esq. a Long Island attorney specializing in Elder Law, Estate Planning, Startup/Corporate and Personal Injury Law.