July 12, 2017
What Happens if You Die Without a Will?
Many people wonder what will happen to their home if they die without a will. There are a few different scenarios depending on how the title for your home is set up. If your home is titled Tenants by the Entirety, that is when the title is in both the Husband and Wife’s name, the house will automatically go to the surviving spouse and the home will not have to go through Probate Estate. This is also the case if the husband and wife are Joint Tenants on the title for the property. However, if you die without a will and the property is not titled as Tenants by the Entirety or Joint Tenants, then it will pass pursuant to the statute through the Probate Estate.
How are the assets distributed through Probate Estate?
If you die without a will and your property does go through the Probate Estate there are several factors that play into how the property is divided.
- If you are survived by a spouse and at least one minor child, your spouse will receive one-half of the estate and your minor children will receive the remaining half.
- If you are married and all of your children are over 18 years old or if you have no descendants and parents survive you, the surviving spouse will receive the first $15,000 of the estate and one-half of the estate and the descendants or parents will receive the remaining half.
- In the event that you only leave a spouse, no descendants or parents, your spouse will receive the entire estate.
- If you die without spouse, descendant, or parents, your remote siblings can receive your estate.
- Lastly, if you leave with no spouse, descendants, parents or siblings, then the state may receive your estate.
In conclusion, if you want your estate to go to a particular person or be distributed in a certain way it is essential that you have a Will.
At Davis, Upton & Palumbo LLC, our attorney’s help their clients better understand their choices along with describing the options in plain language so that there is no confusion.To learn more about our Will and Power of Attorney services click here or contact us today.
These videos are for general information only and are not intended to address your specific legal situation or offer legal advice. Viewing these videos does not create an attorney/client relationship.