WHAT HAPPENS WHEN A TITLE HOLDER DIES INTESTATE?
- When a person dies without leaving a Last Will and Testament, it’s said that they died intestate. When a person dies intestate, that person’s property is distributed according to the law. In New York, that law is found in EPTL 4-1.1.
- Who gets what depends on who the living relatives are and their relationship to the Decedent, the person who died. The family members who are entitled to a share of the Decedent’s estate when there is no will are called “distributees”.
- When a title holder dies intestate, title to that property automatically by operation of law vest in his/her distributees as tenants in common. This vesting by descent occurs by operation of law.
- If the Decedent has *(then)
- a spouse (husband or wife) and no children - *(the spouse inherits everything).
- children, but no spouse *(children inherit everything).
- spouse and children *(the spouse inherit the first $50,000 plus half of the balance. The children inherit everything else).
- parents but no spouse and no children *(the parents inherit everything).
- siblings (brothers/sisters), no spouse/children or parents *(the siblings inherit everything).
- If a child dies before the Decedent and had children of their own, then the Decedent would have grandchildren. Those grandchildren would step into the Decedent's child's place and inherit in place of the child.
CAN MY SIBLINGS & I SELL A PROPERTY THAT IS OWNED BY MY DECEASED PARENTS OR GRANDPARENTS?
- As per New York Law, when a title holder dies without a “Will”, title by operation of law, automatically vest in his/her distributees as tenants in common.
- If all distributees agree to sell the property jointly and the property is the only asset in the Estate, you can all legally sell without going thru probate/surrogate court proceedings.