If you do not have an estate plan in place, you could have a wide range of questions, whether you are unable to decide between setting up a trust or will or have uncertainty involving another facet of the estate process. Moreover, you may be unsure about certain key terms, such as intestacy, which could be very important to understand, depending on your circumstances. It is essential to know how much of an impact estate plans (or the lack thereof) can affect families across all of New York and the importance of reviewing these issues carefully.
According to the New York State Unified Court System, intestacy involves the death of someone who did not have a last will and testament . Under these circumstances, assets are not divvied out according to an estate plan but are instead divided as dictated by the law. If you do not have an estate plan set up at the time of your passing and you are determined to have died intestate, you will not have any say in the way your property is divided.
The way in which your property is split up will depend on the details surrounding your family at the time of your death. For example, if you leave behind a marital partner but do not have any kids, your spouse will inherit all of your property. On the other hand, if you have children, your property will typically be distributed among them and your spouse. Please remember this does not serve as any substitute for legal help.