Are you wondering what would happen if you died without having a will set in place? In Maryland, there is intestate succession. If you have not planned out what will happen to your home if you die without a will, consider contacting a trusted Montgomery County Estate Planning Attorney who can help you take those next steps. If you are interested in learning more about intestacy, then please continue reading.
Who Will Receive My Assets or Home If I Die Without A Will?
Who gets what ultimately depends on whether or not you have living relatives when you die. If you have living children, parents, or other close relatives it can affect who receives your assets.
- If you die with children but no spouse, the children will inherit everything.
- If you have a spouse but no children or parents, the spouse will inherit everything.
- If you die with a spouse and minor children, then the spouse inherits ½ of your intestate property, and the children will inherit everything else.
- If you die with siblings but no spouse, children, or parents, siblings will inherit everything. If you die with parents but no spouse or children, they will inherit everything.
- If you die with a spouse and parents, but no children the spouse inherits $15,000 worth of your intestate property, plus ½ of the balance, parents inherit everything else.
Why Should You Keep an Up-to-Date Will?
By keeping an up-to-date will, you can ensure that your assets are handled properly after you die. By creating a will, you will have the ability to specify what happens to your property after you die. You are able to make beneficiary designations. If you die without a will, you cannot ensure what will happen to your property and assets.
Should I Be Worried the State Will Get My Property?
Under Maryland’s intestate succession laws, if you die without a will your assets will go to your closest relatives. The state will only get your property if you do not have any living relatives. Escheat happens when a person dies without any family. This is a rare occurrence but in this case, the property would fall to the state. If you own a property with someone else in a joint tenancy, then those assets will not be affected by intestacy law. It is important that everyone has an up-to-date will to ensure that their assets are properly taken care of and distributed accurately. If you are ready to create a will so you can ensure your assets, such as your home, go to the right people, contact a dedicated Montgomery County Will Drafting Attorney.
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Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.