People in New York who don’t have a will could be putting the future of their assets at risk. In cases in which the deceased does not have a will, a court will apply state laws to distributing an estate’s assets. This could mean that half of the estate goes to a spouse and children get the rest. In some situations, this could even force the sale of a home to meet the requirements imposed by a court.
Additionally, surviving family members will need to keep up with the bills for an estate while a probate court determines how to treat the assets. Court and lawyer fees will also fall to the survivors during the lengthy probate process.