- Married with no children
- If there are no children or lineal descendants, the entire estate goes to the spouse.
- Married with child or children
- If there is a spouse and one child or its lineal descendants surviving, the spouse get the first $60,000 if he or she is the natural or adoptive parent of the child, or the first $20,000 if he or she is not the natural or adoptive parent. In addition, the spouse gets one half of the balance of the estate. The remainder goes to the child or lineal descendants. If there is more than one child or their lineal descendants surviving, and if the spouse is the natural or adoptive parent of at least one of the children, he or she receives the first $60,000 plus one third of the balance of the estate. If the spouse is not the natural or adoptive parent of any of the children, the amount is $20,000 plus one third of the balance of the estate. In both cases, the remainder of the estate goes to the children or the lineal descendants of any deceased child.
- Order of estate distribution if no spouse survives or person is single:
- 1) children or their lineal descendants
2) parents of the deceased
3) siblings or their lineal descendants
4) grandparents
5) lineal descendants of the deceased grandparents (i.e. aunts, uncles, cousins)
6) other next of kin
7) stepchildren or their lineal descendants
- No surviving relatives
- The estate goes to the state of Ohio
- State link
- http://tinyurl.com/cmduzm
Tagged as:
dying intestate,
dying without a will,
intestate
- Married with no children
- The entire estate goes to the surviving spouse.
- Married with child or children
- One half of the entire estate goes to the spouse and the other half to the decedent’s descendants.
- No spouse survives but there are other relatives
- The estate will be distributed in this order of priority:
1) decedent’s descendants
2) parent, brother, sister or descendant of the decedent or of brother or sister
3) grandparent or descendant of a grandparent – one half of the estate to the decedent’s maternal grandparents or their descendants and the other half to the decedent’s paternal grandparents or their descendants
4) great grandparents or their descendants – one half of the estate to the decedent’s paternal side and the other half to the decedent’s maternal side
5) the nearest kin of the decedent
- Single person/ widow or widower
- The estate will be distributed in the order shown below:
- Order of estate distribution if decedent not married
- The estate will be distributed in this order of priority:
1) decedent’s descendants
2) parent, brother, sister or descendant of the decedent or of brother or sister
3) grandparent or descendant of a grandparent – one half of the estate to the decedent’s maternal grandparents or their descendants and the other half to the decedent’s paternal grandparents or their descendants
4) great grandparents or their descendants – one half of the estate to the decedent’s paternal side and the other half to the decedent’s maternal side
5) the nearest kin of the decedent
- No surviving relatives
- The real estate reverts to the county in which it is located; all other personal property becomes the property of the county in which the decedent was a resident or becomes the property of the state of Illinois and should be delivered to the State Treasurer.
- State link
- http://tinyurl.com/cy8cjy
Tagged as:
dying intestate,
dying without a will,
intestate
"Just a little bit of planning made my life so much better."
FACE THE FACTS!
Dying is not just an emotional event in our life, it is a major financial event as well. Consider the following possible financial consequences of your death:
- The paperwork and legal procedures required to settle your estate can cost your family four to eight percent of your net worth.
- If probate is required, your family’s inheritance can be delayed for months, and in some cases, several years. During the probate process, the courts decide when your family can sell your personal residence. Even though your children can’t afford to pay the mortgage.
- Contract law may override the instructions in your Will or Living Trust
- Giving your share of your estate directly to your spouse may cost your family hundreds of thousands of dollars.
- If you or your surviving spouse die without a will, most state intestate laws do not provide for stepchildren.
- Naming a minor child as a beneficiary can subject the supervision of their money to the probate court. For a fee.
- Giving money directly to a minor child with special needs can make the child ineligible for government benefits.
- Your business may go out of business because no one know how to access digital records.
- The beneficiary choice of per capita or per stirpes may accidentally disinherit a grandchild
- Your choice of a beneficiary for your 401(k) or IRA retirement accounts can dramatically change the after death tax deferred value of these accounts.
- If you don’t have long term care insurance, you must use your assets to pay for long term care. There may be no assets when you die.
- Life insurance proceeds may be part of your taxable estate. If your estate is subject to the federal estate tax, almost half of the life insurance proceeds may be needed to pay the estate tax on the insurance proceeds.
ESTATE PLANNING
When someone dies, a series of laws and rules determine who has the legal authority to manage the decedent’s financial affairs.
These rules and documents also determine your beneficiaries and the cost, time and effort it will take to settle your estate when you die. Planning now will save your family money later.
These resources are useful when making plans to keep your money when you die:
Tagged as:
beneficiary basics,
dying intestate,
dying without a will,
Estate Planning,
Estate Taxes,
Gift Taxes,
minor children,
pets,
Probate,
retirement accounts,
wills vs living trusts
