Survivalist Pro
Photo: Abdulla Hafeez
If a person dies without a will, they are said to have died intestate. Dying "in intestacy" means that a state probate court will have to determine how their assets are to be distributed.
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Read More »In other states, mostly common law states, the distribution hierarchy also starts with the surviving spouse. Depending on the court's determination, they may receive less than half, more than half, or even the entire estate if the dead person left no living children or grandchildren. If the person was unmarried or widowed at the time of their death, their assets will be divided among any surviving children before any other relative. If no next of kin at all can be located, the assets in the estate will become the property of the state. This is referred to as escheatment. Close friends of the deceased are not usually part of the list of beneficiaries under a state's probate laws for intestate estates. However, if the deceased had a joint account with right of survivorship or owned property jointly with another person, the joint asset will automatically belong to the surviving party (or parties). What Does It Cost to Make a Will? According to Investopedia's estimates, the cost of making a will can be as little as $10 or so if you use a do-it-yourself kit. If you engage a lawyer (often a good idea), expect to pay anywhere from $150 for a simple will to $1,000 and up for a more complicated one. What Is the Advantage of a Trust? A trust can be a way to bypass the probate process (which all wills typically go through) so that heirs receive their inheritances more smoothly and quickly. People with trusts often have a pour-over will, as well, to handle the disposition of any assets that aren't accounted for in their trust. What Is a Testamentary Will? A testamentary will is another name for a traditional will, sometimes referred to as a last will and testament. The person whose wishes the will represents is known as the testator.
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