If you do not have a Will, your assets will be distributed according to the laws of your state. In New York, the state legislature has established fixed rules for how the assets of a person who dies without a will (intestate) should be distributed. For example:

• If you are unmarried, without ever having children, your parents inherit everything. It doesn't matter if you wanted to leave your property to other relatives or close friends. Your parents inherit the assets because New York law allows no other options.

• If you are married with children, under New York law your spouse inherits $50,000 from the estate first, and the remainder is then divided 50% to the spouse and 50% to the children. If your estate is modest, your spouse's inheritance may be inadequate.

In a similar vein, if you die intestate, a judge will appoint the administrator of your estate. That person may not be someone you would have chosen. And the court will probably require the administrator to post a bond, at a cost to your beneficiaries.

A Will can save your loved ones money, anguish and heartbreak by specifying how your property should be dealt with upon your death. It can also help minimize taxes on the distribution of assets among your heirs. You can specify a responsible, trustworthy person to carry out your plan (your executor and/or trustee). And you can name a guardian who will care for your minor children and manage their property until they become adults.

But an effective estate plan is more than a Will. Depending on the nature of your assets and your family relationships, the plan may include one or more trusts, powers of attorney, and other documents. A comprehensive estate plan can accomplish many objectives, including minimizing estate, gift and income taxes.

If you have questions about Wills or any other aspect of estate planning, please contact us: mr@mrosenberglaw.com. Thank you.