Unfortunately, some people do not get around to making a will before they pass away. Upon their death, New York State law sets out who is to receive their assets. If the person is married and has children, their spouse is entitled to receive a vehicle off the $25,000, cash of up to $25,000, $50,000 of the rest of their estate assets. Whatever is left over is given half to the spouse and half among the children. If a person was married and had no children, their spouse receives everything. If a person dies single with no children and has living parents, his parents receive everything equally. If one of them has passed away, the surviving parent receives the entire estate. The law goes on to list additional next of kin in order. It is important to keep in mind that any asset that had beneficiaries or joint accounts are not included in the aforementioned distribution. A will allows a person to make sure that their assets go to whomever they want, not just the default law provisions. A will also allows a person to list and executor who will be in charge of administering the estate.
New York’s Intestacy Laws
New York law states that if the decedent left a surviving spouse, they are entitled to the following assets, before anyone else gets anything. The surviving spouse under intestacy receives:
- Cash or cash equivalents, including bank accounts of up to $25,000.
- One car of up to $25,000 (if the value of the car is greater than $25,000, the spouse has the option of paying the difference to the estate).
- Household items, including the decedent’s clothes, furniture, appliances, and jewelry up to $20,000.
- The decedent’s family pictures, books, computers, discs, and software, up to $2,500.
Next, the surviving spouse receives $50,000 in assets and 1/2 of the remainder of the estate if the decedent left children. If the decedent had no children, the spouse inherits everything, no matter how long they were married. In practice, this means that the if the decedent did not leave a will, the spouse can receive well over $100,000 in assets before anyone else collects anything.
Click here to read Roman Aminov’s complete guide on this matter.
To speak with an experienced Will & Estate Lawyer in Queens, NY about your family situation, feel free to contact our office at 347-766-2685.
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