We ensure that your will fully details the distribution of your assets.

PREPARING A WILL

While many married couples own property jointly, one or both spouses may have property they own individually. Under New York law, when someone dies without a will, the estate is distributed in accordance with the laws of the state. This process can cost thousands of dollars and take a long time to resolve. At Solomon Richman, P.C., we can ensure your assets are distributed as you deem appropriate and save time and money for your loved ones.

UNDERSTANDING SPOUSAL DESIGNATIONS

Under New York estate laws, unless your spouse has abandoned you, he or she cannot be excluded from your will. In fact, under New York’s Estates, Powers and Trusts (EPTL) § 5-3.1, very specific rules about the division of property are detailed. Your spouse is entitled to the first $50,000 of your estate and up to 50% of the remaining estate after you designate portions to your children, charities or other designees. The other exception to this may involve any post or prenuptial agreements you and your spouse signed that specifically describes disbursement of assets in the event of your death.

THE LEGAL PROCESS

Upon your death, if you had a will, the Surrogate’s Court will issue letters testamentary. If you have no will, they will issue letters of administration. Both documents allow for the legal disbursement of payments and property under the terms of either your will or under New York laws.

WHEN YOU HAVE NO WILL

If you should die without a will, known as “intestate,” your property is divided in accordance with New York laws. A surviving spouse where there are no children will receive the entire estate. If there are children, the spouse gets the first $50,000 from your estate as well as one half of the balance of the net estate, and the balance is divided among the children. When someone dies with no spouse or children, the estate will go to the parents, if living; divided among siblings if the parents are deceased, or if no siblings or parents are living the funds are disbursed among nieces and nephews, or if there are none, to cousins. In the event a decedent has no relatives, all assets become the property of the State of New York.

At Solomon Richman, P.C. our goal is to make sure your final wishes are carried out and your property and assets distributed in the way you deem appropriate.

Whether you are married or single, everyone over the age of 18 should have a written will. Wills can save a lot of grief and heartache and ensure your family members and loved ones are cared for after your death. Call Solomon Richman P.C. at (516) 437-6443 and let us help you draw up the legal documents necessary to deal with all of your estate planning needs.

Get in touch with us today

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ADDRESS:

3000 Marcus Ave., Ste. 1E5 Lake Success, NY 11042
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EMAIL: frichman@srlilaw.com
CALL: (516) 437-6443

SOLOMON RICHMAN P. C.

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