What is the difference between a will and an intestate estate?

The difference between a will and an intestate estate is an important distinction to make when considering the distribution of a person’s assets upon their death. A will is a legal document created by an individual that distributes all of their assets according to their wishes upon their death. This document is usually created with the assistance of an attorney and can be changed or revoked at any time. However, if the individual passes away without a will in place, their estate is considered intestate and the distribution of their assets is determined by the laws of New York’s intestate succession. Under New York’s intestate succession laws, the deceased’s estate is distributed to their closest living relatives or beneficiaries as defined by the state law. This includes spouses, children, siblings, and other family members. These individuals will receive a portion of the asset distribution and the remainder will be distributed to other family members in order of rank, such as grandparents, aunts, uncles, and cousins. The distribution is in accordance to a hierarchy established by the state and does not take into account the wishes of the deceased. In New York, it is therefore important to create a will in order to make sure that your wishes regarding your estate are followed after your death. Without a will in place, the state will decide which family members receive assets and in what order. For this reason, it is helpful to create a will to ensure that your estate is distributed exactly as you desire.

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What is the difference between a will and an intestate estate?

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