Who Gets Assets if there is No Will?
Intestate Succession: this is the term for how a person’s assets are distributed if that person dies without a will. That means that the future of the person’s probate assets such as real property, cars, furniture, and bank accounts will be distributed pursuant to the laws of intestacy.
With intestate succession, the court utilizes the intestacy statutes to determine who will receive the deceased person’s assets. These are the most common beneficiaries of an intestate estate:
- Spouse: this person typically receives the largest share or the entire estate if there are no children
- Children: if there is no surviving spouse, the estate is typically distributed evenly among the surviving children
- Parents: if a person passes away who has no spouse or children, their parents could inherit the estate
- Blood relatives: if there are no surviving spouses, children, or parents, the intestacy statutes provide that the estate will pass to the closest living blood relative(s).
Even if a relative would receive your assets if you died intestate, you may have personal reasons why you do not want any of your possessions to go to that person. These reasons will not be taken into account Without having a will in place, one or more of these individuals could receive all or part of your estate after you are gone.
The only way to take proactive steps to prevent this from happening is by creating a will. It is recommended that you hire an estate planning lawyer to assist you with creating a will that comports with your wishes. In Denver, hundreds of people have trusted The Brown Law Firm, LLC to protect their assets, plan for their family’s future and ensure that their wishes are carried out. Contact us at (303) 339-3750 or send us a message online to learn more about the best ways to protect your estate and your unique situation.