The Art of Mastering
According to the old-time sayings, death, as well as tax, are the only things that are certain. Irrespective of the fact that people pay taxes every year, they forget to plan for their own deaths. The fear for death can be a major reason for unpreparedness. According to a survey report here, majority of Americans do not plan for even their estate before death. The property will, therefore, be left without any sense of direction after death. The following hints reveals what happens to people when they die without writing a will.
The physical residence of people will determine what happens to their wealth when they die. The person will be termed as an intestate. The possessions of such a party is often left under the watch of a probate court. It is essential to find out what the law states when the deceased’s properties are left without a will by taking time to read more here. You must, however, take note that laws taking care of such cases varies from one state to the other.
The second tip of what happens when a person dies without writing a will depend on what he or she leaves behind. The size of the possessions left behind will determine the severity of the law. Possessions which are worth low than $100,000 are categorized as small estates by law. This is a practical scenario that happens to senior people who may have sold all their wealth to cater for medical bills. A similar scenario is also true to a young citizen who may have not accumulated any wealth. Under this circumstance, remaining members of the family are advised to file a declaration claiming this property for their own use. In case the deceased did not have any heir, the claimant is supposed to support his or her relationship through an affidavit. The entire process of dealing with cases of people who die and leave homes and other assets whose worth exceeds $100,000 becomes complex as explained on this website.
The survivors are another determinant of what happens when a person dies without a will. Laws governing such cases will be determined depending on whether the person left behind a wife, domestic partner or a number of surviving children. The law will use a relationship hierarchy to sub-divide the possessions. In short, the entire property will be handed over to the spouse. Absence of the spouse gives children a high chance of inheriting this property. You can discover more about the relationship hierarchy if you continue following our daily posts on this topic. You can learn more on this subject by reading here.