What happens when one dies without a will You work hard your whole life saving and investing to have a great retirement. If you were not able to spend all your money before your death, you want to make sure those hard-earned assets are passed to intended family members and/or friends. Without a Will, your assets could be left to your State of domicile. When a person dies without a Will attorney it is called intestate. Your property will pass through the probate process and the courts will decide who the beneficiaries are of your property/assets.
Look at the following situations and understand what happens to your assets if you die without a Will: If You Are Single and Have No Children • • • • •
If both of your parents are alive, then your assets will pass to both of your parents, equally. If only one parent is alive, assets will pass to your surviving parent. If both parents have died, then your assets must be distributed amongst your siblings. If there are no surviving parents or siblings, the State has a hierarchy of beneficiaries. If you have no surviving family members, then all of your assets will go to your State of domicile.
If You Are Single and Have Children •
If you are single and have children, your entire estate will go to your children. At age 18 they can spend the money however they want (sports cars, parties, vacations, gambling, etc.) unless you provide otherwise.
If You Die While Married •
Any property that is acquired during the marriage is considered marital property except property inherited or gifted that is kept separate and never used for any marital property, which is very hard to do. Separate property of a spouse is any property owned prior to the marriage and any property acquired through inheritance or gift as long as the property doesn’t get combined with the marital property (this will vary depending on the State of domicile.)