Creating and executing a valid will is probably the most significant thing you can do for yourself and for the family you will leave behind. Continue reading to understand what happens if you neglect to draft a will and how the knowledgeable New York City will attorneys at Zimmet Law Group, P.C. can help you initiate a plan that meets your wants and needs.
What is the importance of executing a will?
Simply put, a will is a testamentary document that lets you leave assets and other important possessions to the people of your choosing.
With a will, you can pass almost anything to a beneficiary, including but not limited to the following:
- Personal belongings.
- Bank accounts.
- Real estate.
Additionally, a will is used to pick an executor who will administer the will and ensure that all provisions are carried out after death. The following are a few responsibilities of an executor:
- Filing the will with probate.
- Carrying out all financial obligations of the estate.
- Protecting assets until allocation.
- Distributing assets a the appropriate time.
What happens if I die without executing a will?
Passing without a will is called “intestate,” which means that your estate and assets will follow the arbitrary mechanism of a New York court.
With that, the following succession may occur:
- When married with children: your spouse will receive the first $50,000 plus half of the balance and the children inherit everything else.
- When married with no children: your spouse will receive all of your property.
- Children with no spouse: all of your property will go to your children in equal shares.
- No living children: the child’s descendants will share the child’s share, and so on down the line.
- No descendants: your estate goes to your parents.
- No living parents: your estate goes to your parent’s closest descendants, which is likely your siblings.
- No close descendants of parents: your estate goes to your grandparents and down from there.
- No surviving family members: the probate estate will escheat to the state of New York.
If you are ready to get started and eliminate these uncertainties, contact our experienced New York City wills, trusts, and estates attorneys today.
Contact Our New York City Firm
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.