What if I die without a will?
Info for the United States
Dying without a will - known as dying "intestate" - means you have no
say over who receives your assets, and can leave your heirs and the
court system the complex and costly job of wrangling over who should get
what.
Your assets go into what's called "probate"
- an expensive and drawn out legal process which determines who
inherits your estate, and can take anywhere from a few months to a few
years, depending on how complicated the estate is.
So-called
intestacy laws vary considerably from state to state. In general,
though, if you die and leave a spouse and kids, your assets will be
split between your surviving mate and children. If you're single with no
children, then the state is likely to decide who among your blood
relatives will inherit your estate.
Probate is a fancy term for the legal process that occurs after a
person dies. The probate court system must first validate that the will
is authentic, and then proceed to distribute the estate among the heirs.
When a person leaves no will, the probate court must decide, according
to the laws of the state, who gets what.
Probate is an expensive
process and can take anywhere from a few months to a few years,
depending on how complicated the estate is. If you want to spare your
heirs the hassle of probate, there are a few ways to avoid the process,
such as a revocable living trust.
http://money.cnn.com/retirement/guide/estateplanning_wills.moneymag/index6.htm
Posted on 07/21/2010
In Legal Resources
Many people put off creating a will for many years, but what happens if you die without one?
Whether you are young or old, rich or poor, you should consider creating a will or trust.
When a person dies without a will, an already difficult situation can
become a complicated legal mess for the person’s loved ones.
The State Is Involved
When a person dies without a will, it is said that the person died
“intestate.” Each state has intestacy laws in place which determine who
is entitled to the deceased’s property and assets.
While intestacy laws vary slightly from state to state, they
generally follow the same path, especially for smaller estates. If
someone dies without a will but owns no property and has assets of less
than $100,000, no formal court proceeding is required. Family members
can file a Declaration of Small Estate through a bank or even the DMV
and are then allowed to collect and split the deceased’s assets.
If property is involved, however, collecting the estate becomes more complicated.
Property & Relationships Are Involved
When a person dies without a will and owns property, the process
varies considerably based on the deceased’s relationship status.
If the person who dies without a will is single with or without
children, the process is generally easier than if the deceased is
married or has a domestic partner.
What If the Person Who Dies Without a Will Is Single?
If a person who is not married dies without a will, the person’s
estate goes to his or her child or is split evenly between multiple
children.
If the person who dies without a will has no children, then the
estate goes to his or her parents. If the parents are deceased, the
estate is split among siblings.
What If the Person Who Dies Without a Will Is Married?
State laws vary far more widely if a person dies without a will and
leaves behind a spouse or domestic partner, children and other
relatives.
If there are children in the relationship, they may inherit up to
two-thirds of the estate while the spouse receives the remainder.
If there are no children in the relationship, the surviving spouse
may inherit the entire estate — or, depending on the state, as little as
one-third of the property and assets, with the rest going to the
parents and siblings of the deceased.
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