2007-02-16 23:30:11 · 6 answers · asked by golfulfric 2 in Business & Finance ➔ Renting & Real Estate
By law: your next of kin in order of precedence:
1) your spouse if you have one is first
2) children if you have them is next;
3)your parents.
4) siblings
if you have none of that...there is a long list to determine next of kin...
2007-02-16 23:39:50 · answer #1 · answered by Captain Jack 6 · 0⤊ 0⤋
In most states your property goes to your next of kin. If you are married it goes to your spouse. Some states will treat the spouse as an equal with any children. So if there are 2 children and a spouse, then each would receive 1/3 of the assets. If there is no marriage or children, then the assets usually get passed to a parent, sibling and so forth. When you die without a will it is called intestate. The state could appoint a trustee to oversee the assets, pay any debts and distribute anything left over. The trustee will receive a fee which will need to be approved by the court. The state could also take possession of the decedents assets for taxes, etc., It is best to have a will, even if it is hand written.
2007-02-17 07:42:19 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
have a paid for house. the state will put in probate and decide who gets it. generally blood next of kin have first place to it unless spouse is on title. if house is not paid for, the state does probate the house. the banks will get it for the mortgage if next of kin do not keep up payments.
seriously get and execute a will TODAY.
get term life insurance to at least pay for the mortgage if you don't care who gets house.
Probate is Costly and Long in most states so get a will.
visit daveramsey.com to learn what bankers mortgage comp. pray you never ever learn or worse Apply to life.
2007-02-17 07:43:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Captain Jack is right. But the State is down the line as well, and could take over your spouse, children, siblings, etc. without any prior knowledge of it.
It's better to get things down in writing.
2007-02-17 07:54:41 · answer #4 · answered by Mario E 5 · 1⤊ 0⤋
It depends are you married, if not do you have children, if you have none of the above, and you don't have a will the state I do believe if I remember my training in estates & trust right would get it.
2007-02-17 07:41:14 · answer #5 · answered by Joshua G 2 · 0⤊ 0⤋
HOWARD K. STERN
2007-02-17 17:55:10 · answer #6 · answered by charlotte q 2 · 0⤊ 0⤋