when someone dies and has alot of money in the bank with no one to claim it what happens to it?

Question

where does it go ? who gets it?

Answer 1

The government gets it if there is no other valid claimant.

Answer 2

Depending on the country (and state). If there is a Last Will and Testament" then it goes to the person or persons named in it.

Otherwise any relatives can file a claim based on their relationship to the deceased.

HOWEVER, perhaps you have been seeing some of the "Nigeria-type spam scams". If you can not PROVE your relationship, then you can not be named as a "next-of-kin" and collect. Those are shyster so-called lawyers who get your money (or your I.D.). All you get is shame, embarrassment, perhaps jail for claiming to be a "next-of-kin", and a loss of your own money and, perhaps, your own identity.

In real life, if there are no "heirs" and no "relatives" then eventually the money would go to the Government or the Bank will have acquired it by charging for holding it. Or the lawyers will have gotten most of it some how.

Answer 3

People who die without a Will are considered Intestate, and their property will be distributed in accordance with state intestacy laws. In most states, Intestate distribution is defined as follows:

1. If the decedent was married at the time of death, all property goes to the decedent's spouse.

2. If the decedent is not married at the time of death, all property goes to the decedent's children or other descendants (grandchildren or great-grandchildren).

3. If the decedent dies unmarried and without surviving children or other descendants, all property goes to the decedent's parents.

4. If the decedent is unmarried and childless, and has no surviving parents, all property goes to the decedent's siblings.

5. If the decedent dies unmarried, childless, and with no surviving parents or siblings, all property will go to the closest living relative. If more than one relative of the same degree of relationship is living, those relatives will share the estate equally.

Only if no surviving relatives can be found will property go to the state. Clients wanting property distributed in a manner other than that provided by intestacy laws should execute a Will.

Care and guardianship of minor children is another consideration in intestacy situations. When someone with minor children dies, the other parent of the children will likely have full custody of the children. If the other parent is also dead, and there is no Will appointing a guardian, the probate court will appoint a guardian for minor children in accordance with the laws of the state of legal residence where the children live.

Answer 4

I work with insurance and what happens if there is no beneificary than it goes to the estate and that would depend on their will. If there is no will and and no family/friends then the government will take it. Doesn't sound fair, does it. That is why everyone should have a will even without anyone to leave your $ to give it to charities or your old schools something, just don't give it to the government.

Answer 5

In the US, each state has laws that determine where the money goes. If they can find descendants or relatives, the law determines how the money is divided and who gets it. If nobody can be found, it probably goes into the escheats system, where it is held for a period of time, and then finally goes to the government.

Answer 6

In California, if you were a friend in anyway to the deceased, you can lay a claim to the estate. otherewise it goes to the State. Thats assuming there is no next of kin.

Answer 7

we are engaged, as quickly as we are married we would have his and hers debts and a joint account, it particularly is in simple terms what's clever for us. we've some extra advantageous than a dozen debts between us, our banking is complicated and it does not additionally be achievable to merge all the debts right into a joint account, so, not that we suggestions it, we would be protecting separate debts additionally. we like the assumption of a joint account because of the fact we are able to be married and funds would be shared, it particularly is in simple terms much less confusing. almost residing as though married for it sluggish, we've already run into issues of not having a shared account (one persons is away as an occasion) and we watch for a joint account. i think of it particularly is insane to have a joint account earlier you have the dedication. it particularly is in simple terms inquiring for hardship. i'm fascinated approximately having all of it on the table, funds being shared, yet not till after the relationship is criminal.

Answer 8

In the UK it goes to the Privy Purse.........ie. the Government/Queen! They use some of the money for the funeral and that's it.

Answer 9

if they have no family or friends that claim it it will go to the Government.

Answer 10

If there are no next of kin it goes to the state.