• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Estate Planning » Intestacy Can Yield Negative Consequences

Intestacy Can Yield Negative Consequences

July 23, 2020Estate Planning

intestacyEstate planning unpreparedness is widespread among Americans, and it is getting worse as the years pass. Caring.com has conducted surveys to keep a finger on the pulse of this matter over the last few years, and the numbers are not encouraging.

In 2020, just 32 percent of adults have estate plans in place. The figure was 40 percent in 2019, and in 2018, it was 42 percent.

According to the study, 16.4 percent of people between 18 and 34 had estate plans. Just over 27 percent of people in the 35-54 age had wills or trusts, and for people 55 and over, the number is a very surprising 47.9 percent.

The Dangers of Intestacy

If you were to pass away without a will or any other estate planning document, the condition of intestacy would exist. Under these circumstances, the court would provide supervision and appoint a personal representative to handle the estate administration duties.

Final debts would be paid, and the personal representative would identify and inventory the assets that comprise the estate. When everything is in order to the court’s satisfaction, they would empower the personal representative to distribute the assets using the intestate succession laws.

In the state of New York, if you die intestate and you have a spouse and children, your spouse will not automatically inherit everything. Your spouse would inherit the first $50,000 of your property, and half of the remainder. The children would receive the other half.

This arrangement would not be in line with the intentions of many people that are in this situation. If you were to die intestate with parents still living but no spouse or children, your parents would be the sole inheritors.

What if you simply do not get along with your wealthy parents, and you are very close with your brother? These are couple of the scenarios that could unfold, but there are others.

The Case of Roman Blum

Sometimes a person will pass away intestate with no relatives still living. Under these circumstances, the court can appoint a representative to try to find the closest relative. If they have no success, at some point, the state would absorb the resources.

A very interesting intestacy case emerged in the state of New York back in 2012. During that year, a 97-year-old Long Island Holocaust survivor named Roman Blum passed away intestate. His wife had predeceased him, and he had no children. His estate had an estimated value of about $40 million.

He had some friends that provided him with assistance, so he did have people in his life that would have been logical inheritors. And of course, he could have left his resources to a worthwhile charity or nonprofit organization.

Two different people came forward making a claim to the estate, but the first one was rebuffed entirely. The decision with regard to the second individual was still pending as of a couple of years ago, and no further updates are available.

This is definitely an instructive tale. Few of us have that kind of money, but the point resonates across economic borders. It is important to state your wishes in writing in a legally binding manner so that your own true wishes will be carried out after you are gone.

Attend a Free Webinar!

We do everything possible to provide educational opportunities for members of our community. There is a great deal of useful information on our website, and we encourage you to explore it to build on your knowledge.

Plus, we take it to another level with our live webinars. There is no charge to attend these sessions, so it is an ideal opportunity to gain a better understanding of the estate planning process.

To see the schedule and obtain registration information, visit our webinar page.

Schedule a Consultation Today!

Intestacy is simply not an option, and help is just a phone call away. You can schedule a consultation appointment right now if you give us a call at 585-374-5210. If you would prefer to reach out electronically, simply fill out the contact form on this website.

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

How Estate Planning For A Family May Trap The Unwary Practitioner 150x150
How Estate Planning for a Family May Trap the Unwary Practitioner
State Income Taxation Of Social Security Benefits 150x150
State Income Taxation of Social Security Benefits
Understanding Tax Apportionment Clauses 150x150
Understanding Tax Apportionment Clauses
estate planning
Estate Planning in Five Easy Steps
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part III
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part I

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.