Legal Question in Wills and Trusts in New York

Re: who gets what without a will

I agree with Arnold, and must emphasize several points. The need for a Will is mandatory, but more important is how assets are registered. Items like life insurance, retirement plans and other assets that have named beneficiaries, pass to the named beneficiaries, regardless of the contents of a Will. The only exception may be retirement plans and IRA accounts that protect spouses. Asstes capable of joint registration, like bank accounts and securities likewise pass to the joint owner, despite the contents of a Will. Thus, if your husband's assets carry beneficiary designations or joint owners other than you, you could get nothing. The intestacy laws (covering what happens if there is no Will) provide for a spouse, but only to the extent there are assets that pass through probate (which would only be assets in your husband's name alone). Plus, there may be provisions protecting former spouses in the divorce decrees or property settlement agreements between him and his former spouses, that also would supercede your rights. These documents should be reviewed to determine what obligations he has to his former spouses. I suggest that all documents and asset holdings be reviewed with an attorney both familiar with Wills and estate planning, but also some martimonial experience. You should determine how current assets are registered and how newly acquired assets will be registered. In the back of your mind should be that his obligations or desires for his prior families (ex-spouses and children) may lead to you getting nothing or only minimal assets if he predeceases you. You may have to make some tough decisions in light of what you discover.

Re: who gets what without a will

Dear sir or madam:

If you and your husband draft appropriate wills, you can dictate the exact distribution of your estate, regardless of children from prior marriages.

Your attorney should check the title and beneficiaries for all assets before you begin your estate plan.

Contact my office directly at [email protected] for a free initial consultation by email or by phone.

Sincerely,

Anthony S. Park

Re: who gets what without a will

The answer is that you both need to prepare a will.

Despite having a will, the named beneficiaries of an insurance policy receive the proceeds and any jointly owned property goes to the surviving joint owner.

In the absence of a will any other property would go as follows:

$ 50,000 plus one-third to the surviving spouse and two-thirds to the children.