How Are Real Property and Personal Assets Identified, Inventoried, and Distributed Under Intestacy Law in New York?

Disclaimer: This article is for informational purposes only and does not constitute legal advice.

Detailed Answer

1. Identifying and Inventoring Assets

When someone dies without a valid will in New York, an administrator steps in. The Surrogate’s Court appoints this person under EPTL § 3-3.1. The administrator must gather all the decedent’s assets, both real and personal.

• Real Property: Land and buildings appear in the county clerk’s deed records. The administrator orders a title search to list each parcel’s description, address, and assessed value.
• Personal Property: This includes bank accounts, investment accounts, vehicles, jewelry, and household items. The administrator checks bank statements, brokerage statements, vehicle titles, and the decedent’s safe or home.

Once identified, the administrator files an inventory and appraisal with the Surrogate’s Court under SCPA § 1503 (SCPA 1503). This document lists each asset’s fair market value at the date of death.

2. Distributing Assets Under New York Intestacy Rules

New York’s intestacy laws appear in EPTL Article 4. Distribution depends on who survives the decedent:

• Spouse Only: The spouse inherits everything if no descendants survive. (EPTL § 4-1.1[a])
  
  EPTL 4-1.1(a)
• Spouse and Descendants: If the decedent leaves a spouse and children all by that spouse, the spouse gets the entire estate. If children from other relationships exist, the spouse receives the first $50,000 plus one-half of the balance; the rest goes to the children. (EPTL § 4-1.1[b])
• Descendants Only: If there’s no spouse but children or grandchildren survive, they divide the estate equally by right of representation. (EPTL § 4-1.1[c])
• No Spouse or Descendants: The estate flows upward to parents, then siblings, then nieces and nephews, and so on. (EPTL § 4-1.1[d–f])
• No Relatives: If no qualified heirs exist, assets escheat to the state. (EPTL § 4-1.1[g])

The administrator distributes both real and personal property according to these shares. Transfers of real property require new deeds signed by the administrator, recorded at the county clerk’s office. Personal property transfers often occur via check or assignment documents.

Helpful Hints

• Start gathering asset records immediately—this speeds up court filings.
• Hire a real estate attorney for complex property title issues.
• Check for jointly held assets or beneficiary designations (those pass outside intestacy).
• Keep detailed records of expenses paid from the estate—administrators can be reimbursed.
• Consider mediation if beneficiaries dispute the inventory or distribution.