LEGAL GUIDE
Written by attorney Kimberly Ann Trueman | Dec 21, 2016

Why Do I Need a Will?

While many people assume that their spouse will automatically inherit their assets if they die, this may not be the case. If you die without a Last Will and Testament, your assets will be distributed according to the Laws of Intestacy. If you die intestate in New York State, your wife would only be entitled to the first fifty thousand dollars ($50,000.00) and one half of your residuary estate. Your residuary estate will consist all of the assets left in your sole name without a beneficiary designated after your debts have been satisfied. The other one half of your estate will be divided between your surviving children.

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