Who Will Inherit Your Property When There Is No Will?
When a person passes away without a will, a trust, or designated beneficiaries, the decedent’s assets are distributed according to what is called “intestate succession.” In this situation, “who gets what” follows strict guidelines established by the Commonwealth of Massachusetts. These guidelines can lead to unexpected consequences, even in relatively common scenarios. Let’s look at a few examples.
If a person was married without children, the surviving spouse does not necessarily receive all estate assets when the decedent still has living parents. In such a situation, the spouse would receive the first $200,000 plus three-quarters of the remaining assets. The remainder would go to the decedent’s parents.
If a person was married with children, the surviving spouse would receive all assets as long as the children were from that particular marriage. However, if the decedent’s children are from a different marriage, both the surviving spouse and the decedent’s children would receive assets.
What about a decedent who was not married? If he or she has surviving children, each child would receive an equal share of the assets. If there are no living descendants, assets would go to the decedent’s parents. If there are no surviving parents, the assets would go to the decedent’s siblings.
Intestate succession can become considerably more complicated in other scenarios, with commensurately unexpected and perhaps undesired results.
The bottom line is that without proper planning you have no control over what happens to your assets after you pass away. Nor will you have control over who serves as your personal representative to settle the estate. Make it a priority to hire an attorney to advise you on your specific needs and make sure that your interests are protected