New York Estate Law Explained

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New York Estate Law Explained

• Frederick Davies

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Table of Contents

• Does New York Have Estate Tax? 
• How Important Is A Will?
• What Happens If Someone Dies With No Will, Spouse
  Or Children? 
• Gold-Diggers and The Law
• Do I Need A Lawyer? 
• Local Attorney Contact Details

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Does New York Have Estate Tax? 

• If you live or own property in New York worth
  more than 5.25 million, you will have to pay
  estate tax. 
•  
• If the deceaseds estate exceeds that magic
  number, you will have to fill out a New York
  State Tax Return within nine months of their
  death. The most you will have to pay is 16 per
  cent. If the deceased owns property in New York,
  but was resident in another state, the state tax
  only applies to property owned in the state. This
  estate tax is in addition to the federal estate
  tax laws which apply to estates worth more than
  11.4 million. 

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• When youre looking at the amount an estate is
  worth, the assets are either real property -
  houses and/or land - or personal property -
  basically everything else, from jewelry, boats,
  cars, and shoes to investments and cash. 

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How Important Is A Will?

• Having a will makes everything pretty straight
  forward in New York State, especially as it is
  not a community property state, which means
  that spouses are not automatically entitled to
  any property that the deceased owned.  
• Most wills are executed exactly as the deceased
  laid out, nevertheless, all estates that include
  houses or land are sent to court for probate,
  where a judge will check that the will is valid
  and will officially name the executor. The
  executor is responsible for making sure that any
  outstanding debts in the estate are settled and
  distributing property in accordance with the
  will. They do not need to be a relative, but can
  be a friend or trusted advisor. 

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•   In order to ensure that your will is found to
  be valid, ensure that you are over the age of 18
  and sign it in the presence of two witnesses. If
  you are a member of the armed forces during an
  armed conflict, the state will also recognize
  oral wills. 
•  
• For small estates, where the deceaseds personal
  property is valued at less than 30,000 and there
  is either no real property or it is jointly
  owned, you will need to file a small estate
  proceeding. 

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• If you die without a will, but you own property,
  the distribution of your property is decided by
  the intestate succession laws. This means that
  your property could end up being spread across a
  number of your relatives, unless the entire
  estate is solely made up of real property, in
  which case the land automatically goes to the
  nearest relative. If you die without a will but
  you either dont own property or any property you
  have is jointly owned, and any personal property
  you have is valued at less than 30,000, then
  your estate is filed as a small estate. 

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• If you pass away without a will and you have a
  spouse, but no children, they will be awarded
  your entire estate. If you have a spouse and
  children, your spouse will receive 50,000 and
  half of the balance of the estate, and the
  remainder going to the children. If you pass away
  with children and no spouse, your children will
  inherit the entire estate. 

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What Happens If Someone Dies With No Will, Spouse
Or Children? 

• If someone passes away without a will, and they
  have no spouse or children, things get a little
  more complicated. If they have parents, they will
  inherit the entire estate. If they have no
  parents, their siblings inherit the estate. If
  they have no parents or siblings, the estate is
  split evenly between their paternal and maternal
  grandparents. If there are no grandparents, the
  estate reverts to their paternal and maternal
  aunts and uncles. If there are no aunts and
  uncles, then the entire estate is inherited by
  their nieces and nephews. If there are no living
  relatives, the state will take control of the
  property.

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Gold-Diggers and The Law

• If you believe your relative has been conned
  into marrying someone for financial gain, New
  York state allows family members to annul a
  so-called deathbed marriage, even after the
  death of the spouse. Family members would have to
  prove in court that the person marrying their
  relative did so with the sole intention of
  gaining spousal inheritance. 

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Do I Need A Lawyer? 

• Estate law can be complicated, and in order to
  be sure that your will is legal and valid, you
  should seek out the advice of a lawyer.
  Similarly, a professional should be able to
  ensure that you do not fall foul of any tax or
  legal pitfalls. 
•  
• An estate planning lawyer may be able to help
  you to reduce the amount of tax you would have to
  pay in the event of your death. If you are
  worried that your estate would not include enough
  cash or personal property to pay any estate tax
  owed, for example a family farm, you can take out
  life insurance to cover the payment. 

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Local Attorney Contact Details

• Frederick P. Davies Attorney
• The Davies Law Firm, P.C.
• Address 210 East Fayette Street, 7th Floor
• Syracuse, New York 13202
• Phone - [phone]
• Website - https//davieslawfirm.com/contact-us.htm
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