Legal Question in Wills and Trusts in New York
NO beneficiary named
My father legally divorced passed away and left two children. No will, no designated beneficiaries on insurance, 401K, etc.
Is there any way that his children can avoid the money going into probate/the estate? He has debt that needs to be paid off.
2 Answers from Attorneys
Re: NO beneficiary named
Some 401k plan administrators and insurance companies may accept lesser proof of heirship (e.g., an affidavit, etc.), but in all likelihood you'll have to obtain letters of administration from the local Surrogate's Court.
Re: NO beneficiary named
If your father died without a will, without a spouse and with two children, under the intestacy laws the property would be divided equally between the children.
Filing a petition in Surrogate's Court for an intestate proceeding is not difficult and not time consuming. Feel free to contact the undersigned for a consult.
Mike.
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