{"id":1385,"date":"2022-08-05T01:00:12","date_gmt":"2022-08-05T01:00:12","guid":{"rendered":"https:\/\/law-oh.com\/?p=1385"},"modified":"2022-07-14T15:32:55","modified_gmt":"2022-07-14T15:32:55","slug":"managing-a-family-members-estate-if-they-die-without-a-will","status":"publish","type":"post","link":"https:\/\/law-oh.com\/managing-a-family-members-estate-if-they-die-without-a-will\/","title":{"rendered":"Managing a Family Member\u2019s Estate if They Die Without a Will"},"content":{"rendered":"

As the COVID-19 pandemic has intensified in the US, people are more aware than ever of the need for a will, a living trust, or other estate planning documents. Still, this knowledge is not translating into estate planning action. No matter your age or asset level, having a will is beneficial. According to a recent survey<\/a>, nearly 33 percent of Americans have no estate plan or even a basic will. Therefore it is statistically likely that you have a parent or other family member who will die without a will. What happens if your family member dies without a will?<\/p>\n

First of all, what needs to happen somewhat depends on the state where your deceased loved one lived as inheritance law can be community property, common law, elective community property, and a host of other more nuanced rules and regulations. Having your affairs in order ensures inheritable assets will follow your wishes. Still, fully 67 percent of Americans are currently leaving the outcome of their life to the laws of their state should they become incapacitated or die.<\/p>\n

Dying Intestate or Without a Will<\/h1>\n

Dying without a will is known as dying intestate<\/a>, and the decedent\u2019s state law will determine who inherits your property. This process is known as intestate succession, and without a will, surviving family members will have to abide by decisions made in probate court. If your loved one passes away and you realize there is no will after looking diligently, first contact any lawyer or financial advisor they may have worked with before. There may be an old will on file you didn\u2019t know existed.<\/p>\n

Preparing for Probate<\/h1>\n

No matter how old a will is, it can be probated. Check if there is a safety deposit box in a bank or a safe in their home that may contain the will. Without you listed as the signatory on a bank deposit box, you must adhere to state law to gain access. While some states permit a special petition to gain access, other states will require a full probate petition. A home safe may require a locksmith.<\/p>\n

Compile a list of your loved one\u2019s assets, tax returns, and financial statements. Pay particular attention to any financial statements covering the date and month of their death. Asset valuation for probate and estate tax returns hinge on date of death valuations. A significant number of assets pass outside of a will, including:<\/p>\n