Transfer of Property After Death Without a Will

Did you know that 67 percent of people in the United States don’t have a will or an estate plan?

Most of these people don’t have a plan because they just haven’t done it yet. Others claim they don’t have enough assets to pass on, or they simply don’t know how to.

Knowing how the transfer of property after death works is important to your peace of mind. You want to know what will happen to your possessions after you or a loved one dies.

Luckily, we’ve explained it below. To understand how the transfer of property goes without a will, keep reading.

Transfer of Property After Death

The first thing to understand about the transfer of property without a will is that many of the inheritable assets do not go through a will. In cases such as life insurance proceeds or the inheritor of a living trust, that has all been decided already.

To find out who inherits assets such as that, you would need to find the documents that list the beneficiary. The beneficiary of the items is the one who will inherit them.

Once you have identified those, all that is left is to determine who will inherit the assets that would typically be covered by a will. Every state has different laws that help decide who gets what item. The states also determine who is fit to play the role of executor of the estate.

Intestate Succession

Intestate succession is the laws that decide where the assets go. Each state’s laws on who can inherit a person’s estate are different, so you will have to consult your own state’s law. This may not coincide with yours or the deceased person’s wishes.

Typically, immediate family are the only ones who will get your money. This includes parents, children, or the surviving spouse. If you have no immediate or extended family surviving, then your estate will go to the state.

If you are not all right with the way that the state disburses your property, then you should make a will. You should get to decide where your money will go.

However, you do not need to panic. If you don’t yet have a will, that doesn’t mean your family is immediately doomed. You may find you’re all right with the way the state gives out your property.

Reach Out to Us

Now that you know how transfer of property after death works, we hope that we have set your mind at ease on this matter. As you might have realized, though, this is only one of a great number of legal matters. You might not know all that you feel you need to know, and that’s okay!

If you have more questions, or concerns, then you should reach out to us today. We will get back to you as soon as possible with the answers you need.

Don’t wait and let yourself keep wondering – contact us today for your own peace.