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Not having a will in New York can create a multitude of legal risks, potentially leading to actions being taken with your legacy that aren’t what you would have wished. Estate planning, including the drafting of a will, is a step many people take to protect their assets and ensure they are distributed according to their intentions after their death.
Failing to make a will leaves your estate subject to state laws, which may not align with your desires. This article explores the legal risks associated with dying without a will in New York, also known as dying “intestate,” and explains why taking action to draft a will can prevent financial and emotional burdens for your loved ones.
Understanding Intestate Succession
When a person dies without a will, their estate is subject to the rules of intestate succession, which are outlined in New York’s Estates, Powers, and Trusts Law (EPTL). Under these laws, the state determines how your assets are distributed. This process follows a predetermined order of inheritance, beginning with your closest relatives, such as a surviving spouse and children. If no close family members exist, the estate may eventually go to more distant relatives, and in the absence of any identifiable heirs, the assets can even revert to the state.
Intestate succession is a rigid process that leaves no room for personal preferences, meaning that family members you may not wish to inherit from your estate could receive a portion, while individuals or causes you would have supported may be left out entirely. For example, unmarried partners, stepchildren, or charitable organizations will not inherit anything unless explicitly mentioned in a will. Additionally, if you were estranged from a relative entitled to an inheritance under New York law, they could still receive a share of your estate, regardless of your relationship with them.
Extended Court Proceedings and Delays
Without a will, the probate process—where the court oversees the distribution of your estate—can become significantly longer and more complex. A will simplifies the process by clearly outlining your intentions, allowing the probate court to validate and execute your wishes quickly. However, when you die intestate, the court must step in to determine who your heirs are, what assets you own, and how they should be distributed, which can lead to lengthy legal proceedings, which may take months or even years to resolve.
Potential for Family Disputes
A lack of clear instructions regarding the distribution of your estate can spark disagreements among family members. In the absence of a will, family members may have different interpretations of what they believe you would have wanted, leading to conflict over who should inherit certain assets. These disputes can be emotionally draining and may even result in costly legal battles, further diminishing the estate’s value.
Care of Minor Children
If you have minor children, the risks of not having a will are even more pronounced. In a will, you can set up a guardian for your children in case you pass away to ensure they are cared for. If no such appointment is made, the court will be who decides who will care for your children, typically prioritizing close family members, which may or may not be what you would have decided.
Tax Implications and Financial Loss
If you die without a will, it can create frustrating tax problems for your estate. Without one, you miss out on the chance to use smart tax strategies, like giving assets to your beneficiaries while you’re still alive or setting up trusts to cut down on taxes, which means your heirs could end up paying more in taxes than they need to, which lowers the overall value of what you’re passing on. Having a will lets you organize your estate in a way that benefits your heirs financially, such as ensuring some assets are passed down tax-free or deciding how assets should be handled for young children.
The Importance of Estate Planning
The legal risks of not having a will in New York cannot be overstated. From the uncertainty of intestate succession to the potential for family conflict and financial loss, the outcome of dying without a will can have a profound and lasting impact on your loved ones. By setting aside the time to create a will now, you can ensure that your wishes are respected, your family is provided for, and your estate is distributed in the most efficient and equitable way possible.
Estate planning is not only for the wealthy—it is a vital step for anyone who owns property, has children, or wishes to have control over their legacy. The process of drafting a will can be pretty simple and inexpensive, especially when compared to the costly and time-consuming probate process that often follows an intestate death. By working with an attorney to create a will, you can avoid the pitfalls of intestate succession and protect your family from unnecessary legal and financial hardships.
Seek Legal Support
The risks of not having a will in New York are substantial and far-reaching. Taking the time to create a will while you are fully capable ensures that your assets are distributed according to your wishes, helps avoid conflicts among family members, and provides security for your loved ones during a difficult time.
Proper estate planning can help reduce or eliminate the tax burden on your estate, letting more of your assets pass on to your heirs. Call Ortiz & Ortiz today at 917-920-6437 to schedule a consultation with our team. We’ll help you set up your will to ensure your wishes are honored and protected.
