How is some ones assets distributed if they die without a will. Married with four children three pf them minors at the time he died.
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How is some ones assets distributed if they die without a will. Married with four children three pf them minors at the time he died.
My dad died and had several
million dollars worth of stock as
well as his ira pension and
multiple life insurance policys.
How is it split up if he died
without a will in texas married
with 3 minor children at the time
of his death.
Asked on May 11, 2018 under Estate Planning, Texas
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
When someone dies wthout a Will, they die "intestate". Accordingly, the intestacy laws of the state in which they were domiciled at the time of their death will control. Since yours is a community property state, all community property goes to the surviving spouse, plus 1/3 of the separate personal property and the right to use any real estate for life; the children of the deceased inherit everything else. However, not all property goes into the estate. Certain asssets such as IRA's, pensions and/or life insurance proceeds are typically paid to the person who is specifically name as the beneficary of each of those assets.
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