Taxation & Estate Planning

Why Do I Need A Last Will and Testament?

By Christopher L. Miller

You need a Last Will for many reasons.  Even if you do not have a Last Will, you have an estate plan. That plan is laid out by New York’s intestacy statute, which provides the order in which your relatives will inherit your estate if you die without a will.  If you are survived by your spouse only, your spouse will inherit your entire estate. If you are survived by your spouse and children, your spouse will inherit the first $50,000.00 of your estate, and the remainder will be split equally between your spouse and children.  This provides the first reason why you should have a Will. (more…)

Full post as published by Res Publicae - The New York Estates Blog on September 15, 2009 (boomark / email).