If I were to pass away without a Will, how would my assets and liquidated assets be distributed if i had three children and a wife?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I were to pass away without a Will, how would my assets and liquidated assets be distributed if i had three children and a wife?
Asked on November 6, 2013 under Estate Planning, Florida
Answers:
Brook Miscoski / Hurr Law Office PC
Answered 10 years ago | Contributor
In Texas, benefits to stated beneficiaries would pass to those individuals.
Because Texas is a community property state, generally speaking the home will not be liquidated because your wife will at least have a life estate.
Additionally, if the children are of you and your wife, the community estate (accumulated during the marriage) simply goes to your wife.
If at least one child is not of your wife, half the community estate goes to your children (but this does not mean that the home would be liquidated).
Your separate property would go 1/3 to your wife, the rest to your children.
The answer will differ by state, but I believe that having a will is a good idea. In Texas, you can't will away the wife's interests or lifetime use rights, but you can define how your interest is distributed.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.