Many celebrities die without wills. This past year saw a host of celebrity estate snafus. It’s as if they were sending a message from beyond that they didn’t care about how much turmoil and family fights would take place over their money and assets. Some of these battles go on for decades. However, as reported in Press Republican’s article “The Law and You: Important to make a will,” even if you think you don’t have enough property to make it necessary to have a will, you’re wrong. It’s not just wealthy or famous people who need wills.
Do you really want other people making those decisions on your behalf? Would you want the laws of your state making these decisions? Your family will do better if you have a will and an estate plan.
For example, in New York State, if you don’t have a will, your surviving spouse will receive the first $50,000 plus one half of remaining property. Your children, whether they are minors or adults, will get an equal share of the other half.
If you have a spouse but no children, your spouse will inherit everything. If you have children and no spouse, then the children get everything, divided equally.
If you have no spouse, no children, and living parents, then your parents will inherit everything you own.
If your parents are not alive, your siblings will get it all.
Adopted children are treated by the courts the same as biological children when there is no will. Stepchildren and foster children do not inherit unless they are specifically named in the will.
If you have been in a long-term relationship with someone and never married, even if they qualify for health care benefits from your employer under the “domestic partner” provision, they are not considered a spouse when it comes to inheritance. At the same time, if you are not legally married and your partner dies, you have no legal right to inherit from your partner’s estate. No matter how long you have been together, how many children you have together if you are not legally married, you have no inheritance rights.
Check your state’s laws for the rights of “common law marriages;” New York State does not recognize these as a legal union, neither does California. In very limited cases, New York State has been known to recognize common law marriages from other states where they are legal, but that is the exception and not the rule. There are limits here as well: both parties will have to agree to be married, must represent to others that they are married and may not be married to anyone else.
If you want someone who is not your legal spouse to receive your assets, you need to meet with an estate planning attorney and have a will drawn up that meets the requirements of the laws of your state. An estate planning attorney will be able to explain how your state laws work and what provisions are and are not acceptable in your estate.
An estate planning attorney will also help you consider other issues. Do you want to leave anything to a charity that matters to you? Do you want anyone else besides your children to receive something after you pass? Is there anyone who needs a trust, because they are unable to manage their finances, or you are concerned about their marriage ending in divorce? Making these decisions in a properly prepared will, can protect your family and lessen the chances of your wishes being challenged.
Reference: Press Republican (Dec. 18, 2018) “The Law and You: Important to make a will”