If a person who does not have a will or a trust dies, what would happen to that persons assets that are not held in joint ownership with a right of survivorship?
Assets not in joint ownership with a right of survivorship would go automatically to the heirs through the laws known as “intestate succession.” Under these rules, if you have no children or if all of your children are also children of your present spouse, your property would all go to your spouse. If you have children who are not also children of your present spouse, one-half of your estate goes to them and one-half to your spouse. If your spouse died before you, your estate would go to your children. If you left no surviving children, it would go to your parents or their surviving lineal descendants. If your parents died before you leaving no surviving lineal descendants, it would go to surviving lineal descendants of your grandparents and so on. If these arrangements result in your property going to your intended beneficiaries, a will or a trust is not necessary. You might still want to have a living trust to let your loved ones avoid the time and expense of a probate. Nonetheless,
Related Questions
- If a person who does not have a will or a trust dies, what would happen to that persons assets that are not held in joint ownership with a right of survivorship?
- Isn joint ownership with the right of survivorship a good alternative to having a will or a trust?
- Why is joint tenancy with right or survivorship a poor way to title my marital assets?
