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Intestacy is when you die without a will. When this happens, the decedent's property passes by intestate succession to the decedent's heirs at law according to law of the state where you died. In New York, if you die without a will, 1/2 of your property will go to your Spouse and another 1/2 to your children in equal shares. Thus, if you die without a will, the state will make one for you. The laws in fifty states may be different on how your estate gets distributed if you die without a will - intestate.
The purpose of intestate succession law is to distribute the wealth of the person who died without a will in a manner that closely represents how the average person would have designed his or her estate plan had that person had a will. However, this default can differ dramatically from what the person really would have wanted. Even where is it is known what the person intended, no exceptions are made where no valid will exists. Nor are there any exceptions made based on need or special circumstances.
However, the Law Offices of Inna Fershteyn highly recommends that you plan your estate as oppose to letting someone else do that for you.
Additional Trusts and Estate Articles: Trusts & Estate Overview Wills v Trusts Probate Law Intestacy Laws
Types of Trusts: Living Trusts Revocable Trusts Irrevocable Trusts Special Needs Trusts Spendthrift Trusts
Other Trust and Estate Documents: Durable Powers of Attorney Living Wills Health Care Proxy Will and Trust Glossary |