What is the Law of Intestacy?
What is intestacy? Under New York law SCPA §103, a person who dies intestate is “a person who dies without leaving a valid will.” Further, a person who receives property under the laws of intestacy is known as a distributee. The statutory laws governing intestacy in New York dictate who receives deceased’s (“decedent’s”) property (money, goods, house, etc.) are how money each person gets. When you die without a Will leaving a legally married spouse and children, under intestacy laws, your surviving spouse receives the first $50,000 plus half of your remaining assets. The other half of your assets goes to your children (or their children, if they predeceased you). To ensure your assets are passed down after you die to the people – and in the sums – you wish, it is a good idea to contact an experienced estate planning attorney to draft and execute your Last Will and Testament.