What happens to assets if there is no will?

Preparing a will is very important so your loved ones have an idea of your last wishes are when you pass away. However, there are some situations where a person passes away and they have not prepared a last will and testament. The state of New York has created a system of who the remaining assets will be distributed to if the decedent has failed to prepare a will.

If the person has a spouse but they do not have any children, the spouse inherits all of their assets. If the person who passes away has children but does not have a spouse, the biological and adopted children will inherit. However, foster children and stepchildren will not be able to inherit anything. If the person has a spouse and children, the spouse will inherit the first $50,000 and half of the balance. The children will inherit all other assets. If the person does not have a spouse, children, or parents and only has siblings, the siblings will inherit all remaining assets.

Of course, many people have an idea of who they want their belongings to go to when they pass away and it may not always line up with what the state says. Therefore, it is important that you create a will so all of your belongings go to the people you want to get them.

If you need assistance in creating a will, contact an experienced wills, trusts, and estates attorney today.

If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.