QUESTION
What happens to my husband's parent's estate (including their valuable home) if the last one dies without having a Will? New York.
Asked on Jul 15th, 2021 on Estate Planning - New York
More details to this question:
My in-laws do not have a will even though they are almost 80. What happens to their estate (including their very valuable Brooklyn house) if the last remaining parent dies and they never created a Will? My husband has one sibling, a younger brother. That brother has 2 children. My husband is totally estranged from 3 of his 4 children, after a brutal divorce. Will the 2 brothers end up paying a TON of Probate Taxes? How long will it take for the brothers to receive any money? When can the brothers sell their parent's Brooklyn house? Without a Will, I assume the whole estate gets divided between the two brothers. Does any money automatically go to any of the grandchildren? Will the two brothers have to fight over who gets what as far as the car, furniture, any money in any bank accounts, who will pay for final arrangements, who will pay a lawyer if needed? His parents keep putting off doing a Will. They have both tried to convince them to speak to an attorney.
1 ANSWER
Estate Administration Attorney serving New York, NY
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Damien Bosco, P.C.
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Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. Without a will, when the last of the parents die, the siblings inherit equally. Grandchildren do not inherit when their parent is living who would inherit. If the siblings do not agree on who will represent the estate or upon the split of specific assets, the court could decide who represents the estate and the split, which could also include a sale of specific property wherein the proceeds would be split among the siblings. Each party would be responsible for their own legal fees or could challenge legal fees being deducted from the assets of the estate if the personal administrator deducts fees from the estate, or attempt to claim legal fees should be paid from the estate due to them benefiting the estate. Separately, when the first parent dies without a will, the children could have a right to inherit at that point also. See section 4-1.1 of the Estate Powers and Trust law. If you need any assistance, a New York Trusts & Estates Attorney could help you.
Answered on Jul 16th, 2021 at 6:02 AM