If someone like your parents died...You are an only child, and your parents are as rich as they get in a private business....After they die, about three days later the cops tell you theres no will with out even searching, they tell you can find out this information on their computers. Is that true? Also, if you remember your parnets tell YOU they got a layer and made out a will and you tell that to the layers and cops...They tell you they musta lied....Then WHAT? And oh yea.....even if theres no will and ur an only child and have no ralitives that might take u in and if u werent yet 21...or 18 what happens to u???? and if theres no will do u still get everything?>???
2006-06-30 01:56:37 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
1) The police don't notify about wills.
2) If your under 18, you will be in state custody, until determined by the courts, as to what relative you will be living with, If they fit the criteria.
3) If they died with no will they is called being intestate (meaning no will)
4) A lawyer should be contacted, to set up an executor of the estate, or they can be to pay off debts, do the probate and disperse with any property. They will receive a portion for their services (the executor-even if a relative). They must be bonded.
2006-06-30 02:08:25 · answer #1 · answered by DollyLama 5 · 2⤊ 1⤋
As said, the police doesn't get involved in wills at all.
If they die intestate, the entire estate will go to probate. Then all creditors have a chance to make a claim against the inheritance within a certain amount of time. Then the IRS will estimate the value of the estate. The bank accounts will be frozen while everything's in probate. You will get a fat tax bill from the federal government and the state. Whether a will exists will be determined in court if you cannot produce a copy of the will.
As a minor, you will either become a ward of the state or another relative will become your guardian. Your guardian can claim to be paid from your inheritance for taking care of you.
2006-06-30 03:30:45 · answer #2 · answered by scubalady01 5 · 0⤊ 0⤋
I'm assuming this is theoretical. The police wouldn't tell you there is not a will. If there is not one then a probate court judge would appoint an executor to the estate.
If you are under 18 then the court would put you in a foster home until you reached 18, unless you could show the ability to take care of yourself.
2006-06-30 02:04:32 · answer #3 · answered by Thrasher 5 · 0⤊ 0⤋