One reason why people are advised to invest in estate planning is to keep their wealth from being subjected to intestate laws. An estate planning attorney can help you understand the implications of intestacy and draft a will that reflects your best interests. Here are some frequently asked questions about intestacy.
What Are the Rules of Intestate Succession?
The rules of intestate succession vary depending on where you are. You should ask your estate planning lawyer about the laws that apply to your state. In many jurisdictions, only registered domestic partners and blood relatives are allowed to inherit under intestate laws.
If the deceased was married, the surviving spouse gets the lion's share of the inheritance. If the deceased had no children, the surviving spouse gets all the property. Distant relatives will only inherit if the deceased didn't have a surviving spouse. If there's no surviving spouse and no relatives, the state will take over the deceased's assets. When a child dies before their parents, the child's children or grandchildren can inherit the child's share.
Is All Property Subject to Probate in Intestacy?
While most of the property goes through probate court during intestate succession, some assets may be an exception. For example, if the decedent owned a house with someone who wasn't their spouse, the surviving partner will own the house. Additionally, if some of the decedent's assets have named beneficiaries, these assets will not go through probate court.
A good example of assets with named beneficiaries is a life insurance policy. Trusts are also exempt from probate. Your attorney will advise you on the assets that are exempt from probate based on the estate laws in your jurisdiction.
Who Is Left Out of an Intestate Succession?
Intestate succession only passes assets to your surviving spouse or your blood relatives. Therefore, longtime stepchildren, friends, and charities are left out. Additionally, a person entitled to inherit property may be excluded if they committed a crime against the deceased. Also, if one abused or abandoned the person who they would inherit from, they'll be barred from claiming any inheritance.
For instance, a person who criminally caused the death of the deceased is barred from getting any share of their inheritance. In cases where a child has received an inheritance from their grandparents or from some other relative, the parents would be entitled to the inheritance in the absence of a spouse and children. However, in many states, a parent who neglected or abused their deceased child will not be allowed to inherit from that child.
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