Long Island estate planning lawyer Seth Schlessel (https://www.schlessellaw.com/what-happens-if-you-die-without-a-will-on-long-island/) of Schlessel Law, PLLC recently published a comprehensive article titled ‘What Happens If You Die Without a Will in New York?’. The article sheds light on the potential complications that may arise when a person passes away without a will, also known as dying intestate, and discusses the policies that govern the distribution of their assets.
As an experienced Long Island estate planning lawyer, Schlessel explains that the distress of losing a loved one can be heightened by legal complications, especially when there’s no will in place. The article provides a detailed, yet easily understandable breakdown of the intestacy laws in New York State, specifying how assets are distributed among surviving relatives.
In the article, the Long Island estate planning lawyer outlines the order of asset distribution. If a spouse without children is the primary heir, they inherit all the property. However, if children are present, the spouse receives $50,000 plus half of the remaining assets, while the children share the rest. If there are no living parents, siblings, and then grandchildren, are next in line. In the absence of any relatives, all assets go to the state of New York.
Schlessel emphasizes the importance of proper estate planning. “A will is not the only instrument of estate planning. A trust can pass assets directly to the chosen beneficiaries without the need to go through probate, which can be both expensive and open to challenges,” he states.
The article also discusses the role of an estate administrator, who is responsible for collecting assets, paying debts, and distributing assets to beneficiaries. Schlessel advises that preparing a will or a living trust can help individuals avoid the strict rules and potential pitfalls of the probate process.
In the latter part of the article, Schlessel delves into specifics, such as what happens to a house if its owner dies without a will, and the rights of siblings after the death of parents. He reiterates the importance of having a will, emphasizing that it is the best way to ensure that the estate is distributed in accordance with individual preferences.
Schlessel encourages readers to take charge of their estate planning. He offers a reminder that the process is not just about preparing a will, but also about understanding the potential consequences of dying intestate and doing everything possible to prevent such a scenario.
Those interested in delving into the intricacies of New York intestacy laws and understanding the significance of estate planning are encouraged to read the full article. As highlighted in Schlessel’s article, individuals are advised to consult with an experienced estate planning lawyer to ensure that their assets are distributed according to their wishes, and that their loved ones are provided for after their departure.
About Schlessel Law, PLLC:
Schlessel Law, PLLC is a reputable law firm with a focus on estate planning. Led by Seth Schlessel, the firm prides itself on delivering a personalized approach to each client, ensuring that their unique needs and wishes are catered to. With a deep understanding of New York’s intestacy laws, Schlessel Law, PLLC provides comprehensive guidance in estate planning, helping clients navigate the intricate legal landscape with confidence and peace of mind.
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