What happens with my deceased loved one’s assets?

Jointly held assets in New York will pass automatically to the surviving joint owner. Other assets may pass to designated beneficiaries. In addition, if a person died with a valid will, his or her individually-owned property will be distributed according to the will.

A person who died without a valid will is said to have died “intestate.” In this case, his or her property will be distributed according to the intestacy laws of the state where the deceased resided at the time of his or her death. Generally, a spouse, children, or parents will receive the assets.

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