|
|
|
Since you did not devise a plan for the distribution of your assets, New York Law directs that your net estate will be distributed as follows (Remember that jointly held assets automatically pass to the other joint owner !!) 1. Your spouse will receive the first $50,000 of your entire estate. 2. Your spouse will receive 50% of your estate after the $50,000 distribution. 3. Your children will share equally your remaining estate. Please note there are special rules for deceased children and grandchildren. If one of your children has predeceased you and left behind surviving issue (your grandchildren) - his children will share equally in his share that he would have received had he not predeceased you. As you can see, it is very unlikely that the plan chosen by New York is identical to your intended disposition of your estate. If you would like for your assets to be distributed in a different manner, you must execute a will. Unfortunately, most people do not wish to have their assets distributed according to the intestacy laws of New York but procrastinate until it is too late. • Visit our Acclaimed Estate Planning Education
Page |
|
