Legal Question in Wills and Trusts in New York

Re: Estate if all beneficiaries die at same time

In your case, if you did not designate any additional sucessor beneficiaries, then Under N.Y. law, your estate would pass as if you did not make a will--- to your closest blood relatives. In this case if your children had children -to them. If your children didn't have children, to your parents first, or if they were not alive, to your siblings. You may want to call the attorney who drafted the will and ask them how the law would work in your particular case by telling them who your relatives are. Good Luck.

Re: Estate if all beneficiaries die at same time

If your immediate family were to perish together and you left no Will specifying to whom the estate should go, the estates pass by intestacy (dying without a Will). If it could not be ascertained who died first/last, the presumption would be simultaneous deaths. Your assets would go to your surviving relatives, starting with parents, then siblings if there were no parents, then nieces/nephews, just like a family tree. Same for your husband's assets to his family. Joint assets would be considered as being owned equally by the joint owners, so assets held jointly by the spouses would be split, with 1/2 going to each one's family. If this is not what you want to happen, I recommend revising your Wills to specify what would happen in this type of event. Also, to prevent all assets going to just one spouse's family, I suggest a common disaster clause creating a presumption that the spouses died simultaneously (this allows 1/2 of joint assets to go as each spouse would specify as to his/her individual assets), plus a provision that would require some minimum survivorship time to again avoid all assets going to one spouse's family, unless this is desired. I can assist you in the new Will if you decide you want to make the changes suggested.

Re: Estate if all beneficiaries die at same time

In the unlikely event that it happens as you describe, the result would be called by lawyers 'intestate succession' and the estate would pass in accord with the laws of the state. The estate passes to your closest family members related to you by blood. If you have no relatives that can be located, the government gets the estate. You are welcome to a consultation at my offices for no charge at 42 West 44th st, ny,ny. Please call for an appointment first (646) 591-5786.