Legal Question in Wills and Trusts in New York
How is an estate divided when there is no will.
My husband and I have an estate worth at least $1,000,000.00 and at this time we haven't drawn up a will. (We will within the next 6 months). My question is: In the event that something should happen to him (or myself) who gets his whole estate since he has one biological son born out-of- wedlock? Does the son get a portion, and if so what percentage? The reason for this question is because I have two children from my first marriage. Please respond asap!
2 Answers from Attorneys
Re: How is an estate divided when there is no will.
If your husband should predecease you, you will get 1/3 (or 1/2 if he has only one child) of the estate and his children the balance. To protect yourself, you should make a will ASAP.
Daniel Clement
Re: How is an estate divided when there is no will.
The property owned jointly with right of survivorship passes by operation of law to the survivor.
Life insurance and deferred compensation plans (pensions, IRA, etc.) go to the named beneficiary.
Property owned outright by the decedent is distributed as follows if there is no will:
First $50,000 to surviving spouse; one half of the excess to the surviving spouse; and the balance to the child or children.