What Happens to Your Assets If You Die Without a Will?

Facing the reality of death can be uncomfortable, but planning for it is a crucial part of ensuring your loved ones are cared for after you're gone. One of the most important aspects of this planning is creating a will. But what happens if you die without a will, also known as dying intestate? In Rochester and Brockport, NY, the consequences can be significant, affecting how your assets are distributed and potentially leading to complications for your family. At Klafehn, Heise & Johnson P.L.L.C., we are here to provide the guidance you need to navigate these important decisions. Here’s what you need to know.

1. Understanding Intestate Succession Laws in New York

What Are Intestate Succession Laws?

When someone dies without a will, their estate is distributed according to state intestacy laws. In New York, these laws dictate how assets are allocated based on familial relationships. Understanding these laws is essential for knowing how your assets would be handled if you pass away without a will.

Who Inherits Your Assets?

Under New York intestate succession laws:

• Surviving Spouse: If you are married and have no children, your spouse inherits your entire estate. If you have children, your spouse inherits the first $50,000 plus half of the remaining estate, while your children inherit the rest.
• Children: If you have children but no spouse, they will inherit your entire estate equally.
• Parents: If you die without a spouse or children, your parents will inherit your estate.
• Siblings and Further Relatives: If no immediate family is alive, the inheritance will pass to siblings, grandparents, aunts, uncles, and further down the line based on familial relationships.

2. The Role of the Surrogate's Court in Rochester and Brockport

How Does the Estate Administration Process Work?

When you die without a will, your estate must go through the administration process (versus the probate process when there is a will), which is the legal procedure for administering a deceased person’s estate. The surrogate's court in Rochester will appoint an administrator to manage your estate, often a close relative or spouse.

Complications in the Process

The administration process can become complicated without a will, particularly if there are disputes among potential heirs. Family disagreements may arise over who should serve as the administrator or how assets should be distributed. This can lead to lengthy and costly legal battles, draining the estate’s resources and causing emotional stress for your loved ones. Klafehn, Heise & Johnson P.L.L.C. can help guide your family through these challenges to ensure a smoother process. Contact us today for assistance.

3. Assets That May Not Be Distributed Through Intestacy

What Assets Are Affected?

Not all assets are subject to intestate succession laws. Certain types of assets may pass directly to joint owners or beneficiaries regardless of whether you have a will, including:

• Jointly Owned Property: If you own property jointly with someone else, it typically passes directly to the surviving owner.
• Life Insurance Policies: Proceeds from life insurance policies usually go to the named beneficiaries, bypassing the estate.
• Retirement Accounts: Similarly, retirement accounts like 401(k)s or IRAs pass to the designated beneficiaries.

Planning for These Assets

Even with these exceptions, it’s important to review how these assets are managed. If you want specific individuals to inherit these assets, make sure they are clearly named as beneficiaries or joint owners. Our team at Klafehn, Heise & Johnson P.L.L.C. can help you structure your estate plan to reflect your wishes accurately. Get in touch with us to learn more.

4. Why You Should Consider Creating a Will

The Benefits of Having a Will

Having a will provides clarity and control over how your assets are distributed after your death. A will allows you to:

• Choose Beneficiaries: You can specify who receives your assets, rather than leaving it up to state law.
• Appoint an Executor: You can select someone you trust to handle your affairs and ensure your wishes are carried out.
• Settle Disputes: A clearly stated will can help prevent disagreements among family members, reducing the potential for conflict.

Peace of Mind

Knowing that you have a plan in place can provide peace of mind for both you and your loved ones. You can rest easy knowing that your assets will be handled according to your wishes. Klafehn, Heise & Johnson P.L.L.C. is here to help you create a will that meets your needs. Contact us today to get started.

5. Getting Help with Estate Planning in Rochester

How Can Klafehn, Heise & Johnson P.L.L.C. Assist You?

If you have questions about estate planning or want to create a will to protect your loved ones, contact Klafehn, Heise & Johnson P.L.L.C. today. Our experienced attorneys can guide you through the process, ensuring that your estate plan reflects your wishes and protects your family's interests. Serving clients in Rochester, Brockport, and the surrounding areas, we are dedicated to providing personalized legal support tailored to your needs.

Planning for Your Future Today

Creating a will is an important step in protecting your assets and ensuring your loved ones are cared for after you’re gone. If you die without a will, your assets may not be distributed according to your wishes, and your family may face unnecessary complications during a difficult time. Don't leave your legacy to chance—take action now to secure your future. Reach out to Klafehn, Heise & Johnson P.L.L.C. for professional guidance in navigating your estate planning needs. Contact us now.

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Legal Disclaimer: This article provides general information about legal strategies and guidance for estate planning and probate law in New York State. It should not be construed as legal advice or a substitute for consulting with an attorney. Each individual’s situation is unique, and laws can vary from state to state. For specific legal advice and guidance tailored to your transactions and circumstances, consult with the attorneys at Klafehn, Heise & Johnson PLLC in Brockport, NY. You can contact us here. Portions of this account are considered ATTORNEY ADVERTISING under the New York State Unified Court System Rules of Professional Conduct (22 NYCRR Part 1200). Prior results do not guarantee a similar outcome.