What happens if I die without a will in New York?

Dying without a will means you die intestate. Your assets and belongings will get passed to your heirs according to your state's intestacy laws.

What is probate?

Probate is the legal process of transferring the property from a deceased person's estate to their heirs or beneficiaries. It is overseen by the local probate court.

What goes into an estate plan in Auburn, New York?

An estate plan will include the documents that accommodate your specific needs. It may involve some or all of the following:

  • Last will and testament
  • Living trust
  • Irrevocable trusts (e.g., life insurance trusts, gift trusts, special needs trust, charitable trust)
  • Conservatorship
  • Guardianships
  • Asset protection from divorce, creditors, others
  • Health care directives, including medical powers of attorney, living wills, health care proxy, do not resuscitate (DNR) or do not intubate (DNI) orders
  • Succession plan for business
  • Charitable planning

What is estate planning?

Estate planning is a process allowing you to arrange how you want your assets to be managed and distributed upon your death. Sometimes, if you have limited assets, limited beneficiaries, and limited instructions on how to distribute your assets to the beneficiaries, planning is pretty straightforward. On the other hand, the more assets, the more beneficiaries, and the more instructions may require an estate plan that is more complex and varied. 

Generally, there are two components of estate planning with one involving the legal aspects of it and the other involving the non-legal aspects of the plan. Your estate planning attorney can help with both. Legally speaking, your lawyer will review your personal and financial situation and create documents that address the latter. Non-legally speaking, your lawyer will develop an investment strategy for retirement purposes. 

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