How An Estate Is Settled If There Is No Will

Usually, when a person dies, their property is divided among family members, relatives, or beneficiaries according to said person’s will. However, in many instances where a person dies unexpectedly, there isn’t a will to consult. While it’s pretty common to settle an estate without a will, the process gets more complicated and longer than the routine settlement process. The deceased’s residential state will dictate the laws to be followed when settling an estate without a trust. If you’re one of the deceased’s family members or beneficiaries, it’s essential that you’re aware of the process involved in the settlement of their estate. Here are some of the basics you should know about settling an estate without a will.

People Eligible To Be The Executors 

The absence of a will means no executor is allocated for the estate’s settlement. In these circumstances, the executor is chosen based on the laws of the state. In most states, intestate settlement executors are selected from a priority-based list. This list contains the deceased’s spouse, children (if over 18), siblings, and other relatives. If you’re chosen to be the executor of an estate, be sure you know the ins and outs of the procedure so you can make informed judgments.

The Basics Surrounding Intestate Succession 

Although the rules differ from state to state, their gist remains the same in every region. As the executor of an estate, you must be aware of the following steps needed to be taken when settling an estate.

1. The selection of a personal representative of the estate.
2. Identification and collection of the deceased’s assets.
3. Payment of the decedent’s debts and pending taxes.
4. Distribution of the assets among family, or beneficiaries, if any.
5. Termination of the estate.

Only spouses, children, and other blood relatives receive a specified percentage of the assets under intestate settlement rules. If there is no will to stipulate the division of specific assets to unmarried partners and friends, they frequently end up with nothing. In most of these cases, the court requires an heir search report to prove the people deserving of the assets. For an individual to receive any part of the estate, appropriate proof of relationship to the decedent is required. In some circumstances, no deceased relatives come forward to claim the property, resulting in the estate being taken over by the state. Almost every state has a rule prohibiting some individuals from receiving any portion of the estate if they misbehaved toward the decedent.

People With Important Roles In An Estate Settlement Case

An intestate settlement case consists of a list of numerous individuals that hold significant importance. Since state laws differ, you need to be aware of each of these individuals’ roles in the case.

• Spouse

To be considered the deceased’s surviving spouse, an individual must be lawfully married to the decedent at the time of death. These terms are usually straightforward, although there may be occasional exceptions. For example, cases may include the following scenarios.

• If the decedent were divorcing or separated from their partner before their death, a judge would have to decide if the spouse is entitled to a share of the inheritance.
• Some states recognize common law marriage as a legal union with a provision for the spouse in the event of their partner’s death. Engaged to-be-married couples are the most common examples of these cases.
• Same-sex marriages now being legal in all states of the US ascertain the same rules as a traditional marriage. The surviving spouse will get the same rights as any heterosexual couple in the event of intestate succession.

• Children 

The percentage allotted to the deceased’s descendants is determined by the state in which the decedent resided; the terms issue and children are used to refer to the decedent’s children or grandkids. In the absence of a decedent’s will, the following scenarios can be seen.

• The laws are the same for adoptive children as they are for biological descendants of an individual.
• Although most jurisdictions do not award a percentage to stepchildren, certain states include them in the estate’s ownership.
• If the decedent gives any of their children up for adoption, all legal links with the children are severed, and the children are no longer eligible to inherit from their parents or vice versa.

• Siblings 

In the event of an intestate estate settlement, siblings typically have a share. However, the percentage fluctuates depending on whether they are step-siblings or not.

In most cases, estate settlement can be done without the use of a trust or will. While this adds to the length of the procedure, most jurisdictions have fairly common regulations that make it simple to split assets fairly. If you’ve been appointed as the executor of a state, it’s a good idea to seek competent legal advice, so you don’t make mistakes or break state laws.