In most places, the estate automatically transfers to the deceased's spouse and, for single persons, to any children or to the parents. "However, if you own property with anyone as joint tenants in common, your share of that property cannot pass to the co-owner without going through probate," Shore says.Įach state has its own intestate succession laws. "If you own financial assets that have a beneficiary, for example, a retirement account, certain pensions, and/or certain bank accounts, those can pass to a beneficiary without going through probate," Shore says.Īdditionally, she says that real estate owned in joint tenancy with survivorship will automatically transfer to your spouse, but warns that other real estate co-ownership arrangements will not. Shari Shore, who practices estate planning law in West Haven, Connecticut, as a partner and owner with Wolf & Shore Law Group, suggests consulting an estate planning attorney to best protect your assets. If you have joint bank accounts or accounts with a named beneficiary, those will almost always automatically transfer. If you die without a will, the consequences range from minor inconveniences like delays to added stress to your loved ones.ĭying without a will, or dying intestate, means that your assets won't necessarily end up where you want them to. Creating a will should be considered a priority so you can have a say in what happens to your assets when you die.
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