A will attorney can assist with the laws of intestate succession in Bronx New York and how they are applied when a person dies without a will in New York.
A Will Attorney Will Explain Which Assets Pass via Intestate Succession in Bronx New York
In many cases, there are valuable assets that won’t go through a will and won’t be subject to intestate succession laws. Examples include properties transferred into a living trust; proceeds that were accrued through life insurance; retirement accounts; and bank accounts that are payable-on-death. Assets like these will be passed on to the beneficiary who was named or the surviving co-owner.
Factors That Influence Intestate Succession in Bronx New York and Who Will Get What
Intestate succession is contingent on your circumstances. If you have children but are not married, the assets will all go to the children. If you have a spouse but have no descendants, the spouse will receive everything. If you have a spouse and descendants, the spouse will receive the initial $50,000 of the intestate property and half of the balance; the descendants will get everything else. If there is no spouse and no descendants, but there are living parents, the parents will receive everything. If there is no spouse, no descendants, and no parents but there are siblings, they will receive everything.
How Are Children’s Shares Determined in New York with Intestate Succession?
There are circumstances where the law of intestate succession is not debatable and others in which it can be confusing such as the following examples:
- Children who are adopted. If the children were adopted legally, they will be treated the same as biological children.
- Foster children and stepchildren. If they were not legally adopted, they will not be allowed to receive assets through intestate succession.
- Children who were placed up for adoption. If the child was placed up for adoption and legally adopted by another family, he or she won’t receive a share.
- Children born posthumously. Children conceived prior to death and born after death will receive a share.
- Children born out of wedlock. If paternity was established, these children will receive a share.
- Grandchildren. Grandchildren are only able to receive a share if the parent – your child – died prior to you dying.
Speak To Experienced Ardsley Last Will And Testament Lawyers
Intestate succession can be a complex area of law. It’s important to have legal assistance from a will attorney if there is a death and the decedent didn’t have a will. Contact Rogers & Rogers, Esq. at (718) 994-1640 for assistance today.