Dying Intestate in New York - Why It Matters

1
Dying Intestate in New York
Why It Matters
2
Testate vs. Intestate
3
When a decedent leaves behind a Last Will and
Testament he or she is said to have died testate
4
When the decedent did not leave behind a valid
Will he or she died intestate
5
When a decedent dies intestate the laws of the
State of New York dictate what happens to the
estate assets left behind by the decedent
6
Probate What Assets Are Included?
7
When you die your estate will likely need to go
through the legal process referred to as
probate to ensure that all estate assets are
accounted for and legally transferred to the
intended beneficiary or heir
8
Some assets may legally pass to beneficiaries
outside of the probate process, including
9
(No Transcript)
10
New York Intestate Succession Laws
11
Once the heirs are identified and located the
State of New York is required to distribute your
estate according to which of your heirs survived
you as follows
12
(No Transcript)
13
(No Transcript)
14
The court is required to keep looking to locate
more distant relatives if none of the above
survived you
15
IF NO LIVING REATIVES are found your estate
escheats to the state, meaning the state
INHERITS YOUR ASSETS
16
Unintended Consequences
17
Dying intestate can cause a wide variety of
unintended consequences such as
Inability to choose executor/administrator of
your estate
18
Dying intestate can cause a wide variety of
unintended consequences such as
Inability to leave gifts to friends, a
significant other, charities, pets, even a niece
or nephew with whom you have a close relationship
19
Dying intestate can cause a wide variety of
unintended consequences such as
Possibility that your assets will be sold to
provide an equal distribution to heirs
20
Dying intestate can cause a wide variety of
unintended consequences such as
Missed opportunity to nominate a guardian for
minor child
21
Dying intestate can cause a wide variety of
unintended consequences such as
Possibility that a spouse you are separated from
will inherit from your estate
22
Dying intestate can cause a wide variety of
unintended consequences such as
Step-children and other people considered by you
to be family will not inherit because they are
not legally heirs of your estate
23
Dying intestate can cause a wide variety of
unintended consequences such as
Same-sex spouse might not be recognized as an
heir if a death occurs in a state that does not
recognize same-sex marriage
24
Learn More About Dying Intestate in New York
25
Law Offices of Barton P. Levine
www.bartonlevine.com
[phone]