What can go wrong if you die intestate in US?

by Petrichor Wed Nov 28, 2012 2:50 pm

intestate = without a Will

Please comment on the implications of dying without a Will for typical naturalized US citizens and Greencard holders.

a. Married/Unmarried
b. What happens to the bank accounts
c. What happens to home(s)
d. What happens to kids
e. What happens to debts
f. Wait...okay fine - We know what happens to SuCh if you die intestate, so dont bother about this one.

by Idéfix Wed Nov 28, 2012 2:58 pm

A financial advisor type made a presentation at my office years ago. My takeaway was that if you die without a will, your next of kin may have to go through delays and lots of paperwork to get your assets. The state takes over your assets, pays off debts and passes on what's left to your spouse / kids. That process can take a while. So you should leave a will.

PS: Need to set a reminder to write one myself.

by Kumarg Wed Nov 28, 2012 3:04 pm

ATCG- you might want to read this while you are at it :-)

http://www.cracked.com/article_15658_the-ten-minute-suicide-guide.html

by southindian Wed Nov 28, 2012 3:06 pm

atcg wrote:intestate = without a Will

Please comment on the implications of dying without a Will for typical naturalized US citizens and Greencard holders.

a. Married/Unmarried
b. What happens to the bank accounts
c. What happens to home(s)
d. What happens to kids
e. What happens to debts
f. Wait...okay fine - We know what happens to SuCh if you die intestate, so dont bother about this one.

a. You die unmarried, you die happy.

home(s), kid(s), wives and debt(s) are still going to be there.

Uppili can answer the rest.

@Uppili, you are next...

by Petrichor Wed Nov 28, 2012 3:50 pm

Kumarg wrote:ATCG- you might want to read this while you are at it :-)

http://www.cracked.com/article_15658_the-ten-minute-suicide-guide.html

I'd much rather prefer http://en.wikipedia.org/wiki/Liverpool_Care_Pathway_for_the_Dying_Patient

by Guest Wed Nov 28, 2012 4:01 pm

atcg wrote:intestate = without a Will

Please comment on the implications of dying without a Will for typical naturalized US citizens and Greencard holders.

a. Married/Unmarried
b. What happens to the bank accounts
c. What happens to home(s)
d. What happens to kids
e. What happens to debts
f. Wait...okay fine - We know what happens to SuCh if you die intestate, so dont bother about this one.

All your property goes to the city or the county that you live in. your kids will be sent to foster care and debts will be settled by selling your property (i think)

by Marathadi-Saamiyaar Wed Nov 28, 2012 5:02 pm

atcg wrote:intestate = without a Will

Please comment on the implications of dying without a Will for typical naturalized US citizens and Greencard holders.

a. Married/Unmarried
b. What happens to the bank accounts
c. What happens to home(s)
d. What happens to kids
e. What happens to debts
f. Wait...okay fine - We know what happens to SuCh if you die intestate, so dont bother about this one.

I made a will long back and cant even locate it. In any case here is what (little) I know:

If there is no will; the Court appoints a probate officer (some liar) to sort out your estate/finances. He deducts the inheritance taxes (if any), deducts all taxes you owed, disburses the debt claims (easier with net connections these days), hidden and lost spouses/kids, etc... takes HIS charges and court expenses and then distributes the rest.

Of course...if you declared Beneficiaries in your retirement, mutual funds, and wherever possible - those monies will go those beneficiaries automatically. For salaried guys that will count for most. With the rest the Probate officer will follow the guidelines.

The key is to even let your dependents KNOW where all you been hiding wealth. What happens to any properties in India - remember the NRIs will be literally duped out of everything. They need to bribe at different steps to get succession certificate, get court order for all stocks and bonds, property docs, taxes, etc.. then it will be divided per succession laws (that is another chapter) - ASSUMING that there are no conflicts and challenges...(duhh...good luck).

So the easiest to avoid all these problems is to simply NOT die.

by Petrichor Wed Nov 28, 2012 5:30 pm

What's the law on minor children who are US citizens? In the absence of Will.

by FluteHolder Wed Nov 28, 2012 6:36 pm

atcg wrote:What's the law on minor children who are US citizens? In the absence of Will.

I was reading something on Wills/Estate from a nolo press book. I guess the state where you reside takes control of the children in absence of the will. It is scary, so it is better to have a will.

In Texas, handwritten will on a kitchen towel is valid too (Read on an Attorney's website). The shortest will is 'All to wife' Signed with witnesses.

by Marathadi-Saamiyaar Thu Nov 29, 2012 1:15 am

FluteHolder wrote:
atcg wrote:What's the law on minor children who are US citizens? In the absence of Will.

I was reading something on Wills/Estate from a nolo press book. I guess the state where you reside takes control of the children in absence of the will. It is scary, so it is better to have a will.

In Texas, handwritten will on a kitchen towel is valid too (Read on an Attorney's website). The shortest will is 'All to wife' Signed with witnesses.

Yes.. I think the conservative states have it a bit easy. I talked about it to an accountant. He has some 2 mils and still works... he said he just had a simple will stating who gets what - signed in front of 2 friends and a notary (available at every bank).

If minor children are left without both parents and without an explicit guardian/will, the state will take charge of them AND all the property, they will be sent to foster care (Many of these are societal dropouts barely functional couples) who will be paid some 800+/month/per kid from the unsettled property. Of course, the kids will be shifted every few months to different locations/parents ensuring that their lives are totally ruined.

by FluteHolder Thu Nov 29, 2012 2:20 am

If minor children are left without both parents and without an explicit guardian/will, the state will take charge of them AND all the property, they will be sent to foster care (Many of these are societal dropouts barely functional couples) who will be paid some 800+/month/per kid from the unsettled property. Of course, the kids will be shifted every few months to different locations/parents ensuring that their lives are totally ruined.

>>>>
This is the scariest part. So if you donot have any relatives that you hope will take care, what is the alternative? You can choose someone from India or a close friend in US to take care of the kids/decide for the kids?

by Marathadi-Saamiyaar Thu Nov 29, 2012 2:29 am

FluteHolder wrote:If minor children are left without both parents and without an explicit guardian/will, the state will take charge of them AND all the property, they will be sent to foster care (Many of these are societal dropouts barely functional couples) who will be paid some 800+/month/per kid from the unsettled property. Of course, the kids will be shifted every few months to different locations/parents ensuring that their lives are totally ruined.

>>>>
This is the scariest part. So if you donot have any relatives that you hope will take care, what is the alternative? You can choose someone from India or a close friend in US to take care of the kids/decide for the kids?

Yes you can specify anyone - preferably the grandparents and to a lesser extent uncles and aunts. You can even list friends in respectable positions as Guardians - as long as they are simply and clearly stated and signed.

Best to keep ALL financial and Health related "stuffs" in ONE location and tell them. in case of kids, write all the instructions in a sealed envelope - where to find what - and tell your kids to open it if they ever needed help and not able to get hold of mommy or daddy. The kids these days can understand serious things at 8 and 10 years of age.

by Kumarg Thu Nov 29, 2012 2:44 am

atcg wrote:
Kumarg wrote:ATCG- you might want to read this while you are at it :-)

http://www.cracked.com/article_15658_the-ten-minute-suicide-guide.html

I'd much rather prefer http://en.wikipedia.org/wiki/Liverpool_Care_Pathway_for_the_Dying_Patient

That's sad!

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