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New York Estate Law Explained

Estate law can be complicated, and in order to be sure that your will is legal and valid, you should seek out the advice of a lawyer. Similarly, a professional should be able to ensure that you do not fall foul of any tax or legal pitfalls. <br>

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New York Estate Law Explained

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  1. New York Estate Law Explained Frederick Davies

  2. Table of Contents • Does New York Have Estate Tax?  • How Important Is A Will? • What Happens If Someone Dies With No Will, Spouse Or Children?  • ‘Gold-Diggers’ and The Law • Do I Need A Lawyer?  • Local Attorney Contact Details

  3. Does New York Have Estate Tax?  If you live or own property in New York worth more than $5.25 million, you will have to pay estate tax.  If the deceased’s estate exceeds that magic number, you will have to fill out a New York State Tax Return within nine months of their death. The most you will have to pay is 16 per cent. If the deceased owns property in New York, but was resident in another state, the state tax only applies to property owned in the state. This estate tax is in addition to the federal estate tax laws which apply to estates worth more than $11.4 million. 

  4. When you’re looking at the amount an estate is worth, the assets are either real property - houses and/or land - or personal property - basically everything else, from jewelry, boats, cars, and shoes to investments and cash. 

  5. How Important Is A Will? Having a will makes everything pretty straight forward in New York State, especially as it is not a ‘community property state’, which means that spouses are not automatically entitled to any property that the deceased owned.   Most wills are executed exactly as the deceased laid out, nevertheless, all estates that include houses or land are sent to court for probate, where a judge will check that the will is valid and will officially name the executor. The executor is responsible for making sure that any outstanding debts in the estate are settled and distributing property in accordance with the will. They do not need to be a relative, but can be a friend or trusted advisor. 

  6.   In order to ensure that your will is found to be valid, ensure that you are over the age of 18 and sign it in the presence of two witnesses. If you are a member of the armed forces during an armed conflict, the state will also recognize oral wills.  For small estates, where the deceased’s personal property is valued at less than $30,000 and there is either no real property or it is jointly owned, you will need to file a small estate proceeding. 

  7. If you die without a will, but you own property, the distribution of your property is decided by the intestate succession laws. This means that your property could end up being spread across a number of your relatives, unless the entire estate is solely made up of real property, in which case the land automatically goes to the nearest relative. If you die without a will but you either don’t own property or any property you have is jointly owned, and any personal property you have is valued at less than $30,000, then your estate is filed as a ‘small estate’. 

  8. If you pass away without a will and you have a spouse, but no children, they will be awarded your entire estate. If you have a spouse and children, your spouse will receive $50,000 and half of the balance of the estate, and the remainder going to the children. If you pass away with children and no spouse, your children will inherit the entire estate. 

  9. What Happens If Someone Dies With No Will, Spouse Or Children?  If someone passes away without a will, and they have no spouse or children, things get a little more complicated. If they have parents, they will inherit the entire estate. If they have no parents, their siblings inherit the estate. If they have no parents or siblings, the estate is split evenly between their paternal and maternal grandparents. If there are no grandparents, the estate reverts to their paternal and maternal aunts and uncles. If there are no aunts and uncles, then the entire estate is inherited by their nieces and nephews. If there are no living relatives, the state will take control of the property.

  10. ‘Gold-Diggers’ and The Law If you believe your relative has been conned into marrying someone for financial gain, New York state allows family members to annul a so-called ‘deathbed marriage’, even after the death of the spouse. Family members would have to prove in court that the person marrying their relative did so with the sole intention of gaining spousal inheritance. 

  11. Do I Need A Lawyer?  Estate law can be complicated, and in order to be sure that your will is legal and valid, you should seek out the advice of a lawyer. Similarly, a professional should be able to ensure that you do not fall foul of any tax or legal pitfalls.  An estate planning lawyer may be able to help you to reduce the amount of tax you would have to pay in the event of your death. If you are worried that your estate would not include enough cash or personal property to pay any estate tax owed, for example a family farm, you can take out life insurance to cover the payment. 

  12. Local Attorney Contact Details: Frederick P. Davies Attorney The Davies Law Firm, P.C. Address: 210 East Fayette Street, 7th Floor Syracuse, New York 13202 Phone - (315) 472-6511 Website - https://davieslawfirm.com/contact-us.html

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