If you die without a will, the state you live in has a default plan that will allow for an orderly transfer and distribution of your property. Rules vary in each state, but in general, your property interests will be divided amongst your living family such as your spouse, children, parents, siblings, or other close relatives. The chart below shows some typical examples of how your property would be divided if you died without a Will in the state of New York.
|If you die with:||Here is how your assets will be distributed:|
|· Children but no spouse||· Children inherit everything|
|· Spouse but no descendants||· Spouse inherits everything|
|· Spouse and descendants||· Spouse inherits the first $50,000 of your estate, plus ½ of the balance
· Descendants inherit everything else
|· Parents but no spouse or descendants||· Parents inherit everything|
|· Siblings but no spouse, descendants, or parents||· Siblings inherit everything|