Many people fear that, when they die, their assets will be taken to the state. As a recent article describes, however, this is often not the case. Typically, a person’s assets will only go to the state if he or she dies without first creating an estate plan, and has no heirs who would receive the estate under intestacy laws.
Each state has special rules that apply when a person dies intestate – without a will. These rules include a list of possible inheritors, as well as the order through which they are permitted to take under the will, and the portion that they would take. Typically, the first in line to take under intestacy are the spouse or children of the decedent. Takes further down the line may include siblings, parents, or grandparents.
The various intestacy rules typically ensure that a heir will be find in order to receive your inheritance. In the rare instances where no heirs can be found, a person’s estate may then go to the state. In order to avoid this possibility, it is important to put an estate plan in place. Having an estate plan with a will that names your intended beneficiaries is the only way to be sure that your estate will be carried out according to your wishes.
For assistance in planning your estate, contact us at (626) 696-3145.
