Legal Question in Real Estate Law in New York
assets
If my father passes away without a will, what will happen to his real and liquid assets? who steps in and how long does it take to release the assets? I have one brother and one sister and he is the only parent that is still alive, he is also single.
2 Answers from Attorneys
Re: assets
The answer is found here below in the statutes, which is why it is good to have a will...otherwise the government decides who gets what: Look up and read this online.
New York
Estates Powers & Trusts Law
--------------------------------------------------------------------------------
NY EPTL, Article 4
DESCENT AND DISTRIBUTION
OF AN INTESTATE ESTATE
PART 1. RULES GOVERNING INTESTATE SUCCESSION
Section
4-1.1 Descent and distribution of a decedent`s estate.
4-1.2 Inheritance by non-marital children.
4-1.4 Disqualification of parent to take intestate share.
4-1.5 Other disqualifications.
4-1.6 Disqualification of joint tenant in certain instances.
Good Luck
RRG
Re: assets
This is a complicated matter and an attorney would need to go through the facts to determine what would actually happen. It is very wise to prepare a will, even a simple one.
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