Estates

I live in New York state. My husband and I have been married a little over a year now. I have one stepson and two sons from a previous marriage. I own a condo which I purchased many years before I met my husband. We have a house that we bought together, but legally it is in my husband's name only. I work and contribute to the household finances. We do not have wills. I was wondering what would happen to our assets if something happened to either one of us. Thanks!

You'd have a mess on your hands.

New York law gives each spouse a share of the deceased spouse's estate, absent a pre- or post-matital agreement to the contrary. In part the amount depends on other assets inherited at death.

Your kids would get the rest of your estate (beyond that portion which your spouse gets) and the step child from would get nothing. I don't know what would ahppen if he died as I don't know if he has children. BUT if he didn't you and his partents (if they survive, and if not his siblings) would share his estate.

GET A WILL! ANd also chack the insurance and IRA and 401k beneficiaries!