Legal Question in Wills and Trusts in New York

Re: married couple need a will

Property (house, bank account,etc.) owned jointly by husband and wife, with right of survivorship, goes directly to the survivor. No will needed.

Individually owned property is governed by Will.

If there is no Will, individually owned property is shared by surviving spouse and children.

Re: married couple need a will

Both thoughts are incorrect. Property held

jointly with rights of survivorship will

pass to the survivor without need for a will

If property is held otherwise, the terms

of a Last Will and Testament will control

If there is no will and no joint property,

most intestatcy laws provide that the

surviving spouse and the children share

in the estate. The percentages and amounts

depend upon age and the nature of the property

You should always have a will as a part of

an estate plan. This is important if only

in the event of a tragic death and a lawsuit

for wrongful death. This cannot be held

jointly with rights of survivorship and can

be affected by the terms of a Will.