Where There's No Will Estate Planning in Co-ops & Condos

 It’s probably not something you think about every day—or that's especially pleasant to contemplate at any time—but the fact remains: without a thoughtfully constructed estate plan, there is a  significant risk of your assets ending up in unintended hands upon your  passing. By executing a thorough, binding will that spells out exactly how you  want your estate handled, you can ensure that your assets are distributed  properly.  

 Passing It On

 The typical plain vanilla, boilerplate will that leaves “everything to my children” does little to ensure that one's grandchildren benefit upon the death of their  parent, as opposed to that parent's spouse. Even if I love my son- or  daughter-in-law, I may not wish to have my assets commingled with those of his  or her new spouse.  

 Therefore, it is advisable to direct that assets, otherwise passing to a child  who predeceases me, go instead to one's grandchildren. This is easily  accomplished by adding the words “per stirpes” (which is the Latin term for “through the roots”) after the name of a beneficiary. If, for example, my entire estate goes to my sons, Mark and John, per stirpes,  then Mark and John's children—and not my sons' respective spouses—will take Mark and John's share in the event that either son predeceases me.  

 The more common concern involves ensuring that one's grandchildren ultimately  benefit, even if their parents survive the grandparent. For example, if my son  John dies after me, what can be done to prevent his wife (likely John's primary  beneficiary under his will) from inheriting what were originally my assets?  


Related Articles

COVID-19: A Reminder of the Importance of Planning for Illness & Incapacity

Two Essential Documents

Understanding Rights of Inheritance

Putting a Plan in Place

NYC Restarts Uniform Land Use Review Process (ULURP)

Residential Projects Move Forward After Months-Long Pause