Rochester Lawyers / Rochester Estate Planning Attorney Discusses Non-Probated Assets

Rochester Estate Planning Attorney Discusses Non-Probated Assets

As an experienced Rochester Estate Planning Attorney, clients often ask me what non-probated assets are.
  • Assets that are in your name alone are probate assets
  • Joint bank accounts are an example of non-probate assets
Are you drafting a will and want to know what non-probate assets are?  If so, call the experienced Rochester Estate Planning Attorney Robert Friedman. This educational legal video was brought to you by Robert Friedman, an experienced Rochester Estate Planning Attorney.

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What Happens If You Die Without a Will in Rochester, New York? Losing a loved one is never easy, but it can be made more difficult if they didn't leave behind a will. When someone dies without a will, their assets and property are divided according to the laws of the state they resided in. In Rochester, New York, dying without a will can have significant consequences for your loved ones. In this blog post, we'll take a look at what happens if you die without a will in Rochester, New York. Intestate Succession in Rochester, New York When someone dies without a will in Rochester, their estate goes through a legal process known as intestate succession. This means that the court will decide how to divide the estate based on the laws of the state. In New York, the first step in the process is to determine who the decedent's "distributees" are. Distributees are individuals who are entitled to a share of the estate under New York law. They include: The decedent's spouse The decedent's children The decedent's parents The decedent's siblings The decedent's nieces and nephews The decedent's grandparents The decedent's aunts and uncles If there are no distributees, the estate goes to the state of New York. Distribution of Assets Once the distributees have been determined, the court will divide the estate according to a set of rules. The rules vary depending on the decedent's family structure. Here are a few examples: If the decedent is survived by a spouse and children, the spouse inherits the first $50,000 of the estate plus half of the remaining balance. The children split the other half equally. If the decedent is survived by a spouse and parents, the spouse inherits the first $50,000 of the estate plus half of the remaining balance. The parents split the other half equally. If the decedent is survived by siblings but no spouse or children, the siblings split the entire estate equally. If the decedent is survived by grandparents but no spouse, children, parents, siblings, nieces, or nephews, the estate goes to the decedent's aunts and uncles. As you can see, the distribution of assets can become quite complicated without a will. It's also worth noting that the court may appoint an administrator to handle the estate if there is no will. This can be an additional burden on your loved ones during an already difficult time. Protecting Your Loved Ones Dying without a will can create a lot of uncertainty and stress for your loved ones. Fortunately, creating a will is a relatively straightforward process that can provide peace of mind and ensure that your wishes are carried out after you pass away. If you live in Rochester, New York, and need help creating a will, consider working with an estate planning attorney. They can help you navigate the process and create a will that reflects your wishes and protects your loved ones. Even if you don't have a lot of assets, creating a will can still be beneficial. It can provide clarity and guidance for your loved ones during an emotionally challenging time. A will can also help prevent family disputes and ensure that your wishes are respected. In addition to creating a will, there are other steps you can take to protect your loved ones. For example, you may want to consider purchasing life insurance or setting up a trust. Life insurance can provide financial support to your loved ones after you pass away, while a trust can help ensure that your assets are distributed according to your wishes. It's also important to keep your will up to date. Life changes such as getting married, having children, or getting divorced can all impact your estate plan. It's a good idea to review your will every few years and make updates as needed. Dying without a will in Rochester, New York, can create a lot of uncertainty and stress for your loved ones. To protect your assets and ensure that your wishes are respected, consider creating a will with the help of an estate planning attorney. They can guide you through the process and help you create a plan that meets your unique needs and goals. By taking the time to plan ahead, you can provide peace of mind for yourself and your loved ones. As a law firm located in Rochester, New York, we at Friedman & Ranzenhofer, PC can assist individuals and families who are dealing with the legal process of intestate succession. We have a team of experienced attorneys who specialize in estate planning and probate law and can guide you through the legal process to ensure that your loved one's assets are distributed according to New York state law. We understand that the process of dealing with a loved one's estate can be emotional and stressful. That's why we're here to provide compassionate support and legal guidance every step of the way. We can help you understand the various rules and regulations that govern intestate succession and assist with the probate process to ensure that the estate is properly administered. If you're interested in creating a will or other estate planning documents, we can also help with that process. We can work with you to create a comprehensive estate plan that reflects your unique needs and goals. Overall, we at Friedman & Ranzenhofer, PC are committed to helping our clients protect their loved ones' assets and ensure that their wishes are respected. Contact us today to learn more about how we can assist with your estate planning or probate needs.
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