What happens if a person dies with assets and no will?

Question

I am the eldest child what should I do about her home and bank accounts. What forms does a state usually require to act on that persons behalf?

Answer 1

The property passes under the law of descent and distribution.

As to the home: the title to the property vests in the heirs at law specified in the statute. If you and your siblings are the sole survivors, then you are the legal owners. In order to have the land records amended, you need to qualify as the administrator of the estate. This is like probate; it's handled by the probate court; and the clerk of the court will supply you with the forms. These are, basically, an affidavit of heirship, and a petition for appointment as administator. Ideally, your siblings will all consent to you acting as administator; otherwise, there is a court fight that, traditionally, exhausts the entire estate and makes money for the lawyers and nobody else. Leaving that aside, once you are qualified as administrator, you make a deed from yourself as administrator to all of the siblings, in equal shares, get all of the siblings to sign a consent to the deed, and record the deed.

As to the bank accounts, you need to secure tax waivers from the IRS and the state tax commission if there is a state inheritance tax. This will allow you to collect the assets into a bank account styled you, as the administrator of the estate of your parent, intestate. You bring to the bank an original "certificate of letters of administration" and the tax waiver(s) and the bank issues a check payable to you as administrator.

You should get professional assistance to help you with the many forms that have to be filed as you collect and distribute assets. Fail to dot your i's and cross your t's can cost you enormously.

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Oh, and the noise from the peanut gallery about the shark-like lawyers and everything going to the state is the sound of smoke being blown up your tuches. If the estate is under the "small estate" threshhold (ask the probate clerk) you will not need lawyers at all.

Answer 2

Different states different rules. USually the probate clerk can make arrangements with the approval of the heirs to appoint an administrator or executor (Language varies by state). Sometimes a list of heirs is used; some states use other legal devices. Call the probate clerk and set up an appointment; take a list of the assets, and a copy of the death certificate and the possible heirs.

Answer 3

It depends on the laws of the state, province, or country you live in. In the US, the state laws determine who inherits the estate. Those laws may not match the wishes of the person who died, however. That's why they should create a will of some sort.

For the best information, either contact a lawyer, or the probate court (or whatever government body administers wills and estates in your area).

Answer 4

It usually goes into an estate.. which is split equally between the heirs...
A will makes is alot easier and less expensive to settle

I would check with the local probate office

Answer 5

The estate with no will goes to probate court and items are auctioned off and sold and the state gets the money. Family gets no perks being family without a valid will. Your parents need to make the will and you need to help without being greedy or sounding ready for them to die. Hard but, dipomacy is required in this situation. We 4 kids begged our father to make a will for years and he never did-he thought he had all the time in the world-tomorrow he always said.
Well, tomorrow finally never came and we were cheated.

Answer 6

It depends on where your Mom lived.You can go on line to the Probate court in the county your Mom lived in.They usually have a questions section that can answer most basic questions people have.

Answer 7

The mastercard employer can declare on the valuables. in case you experience that there is economic abuse happening, you additionally could make a call on your state's elder abuse warm line. that is typically accomplished anonymously. in the adventure that your mom in regulation isn't in a position to handle her affairs, you are going to be able to ought to record for guardianship whether it looks like your brother in regulation might have already got a economic means of lawyer. whilst she passes, you will ought to tell the mastercard employer and that they are going to cancel the cardboard. they are going to attempt to hold at the same time the stability due from the valuables. desire she has a stable will or have confidence because of the fact it type of feels like there will be a large number after her dying in dealing with disposition of sources.

Answer 8

In Florida, it has to go through probate unless everything was put in a trust. Probate is very expensive & can eat up 1/2 of your money. Consult an attorney.

Answer 9

I believe if she (Im assuming its your mother) is coherent and sane, that she must sign all documents herself... you cant just act on her behalf if she is abole to do it herself.... IF she has passed, I think the state gets the assets if no will is specified.. but I do not know for sure.. I am starring this question tho, in case a real lawyer answers it for you.

Answer 10

He who does not have a proper will shall end up with the lawyers as his heirs.