If you’re wondering, “Where do assets go if no will?”, you’ve come to the right place. When a person dies without leaving a will, they are said to have died “intestate.” In this case, the distribution of their assets is determined by the laws of the state or country in which they lived.
The State’s Laws of Intestacy Determines Who Gets the Assets.
Typically, the assets of the deceased person will be distributed to their surviving family members in a specific order of priority established by the intestacy laws of the jurisdiction. For example, in many states in the U.S., the assets get distributed pursuant to a strict formula.
Click on the link below to see where assets go if there is no will in Arizona.
If you are in a different state, there are probably some variations. However, this will give you an idea of how a state statute answers the question of “Where do assets go if no will?”
In Some Cases, the Property Goes to the State.
If the deceased person had no living relatives (according to the state definition) or no named beneficiaries, the assets may “escheat.” That’s a fancy way of saying they get transferred to the state government. However, this typically only occurs after an extensive search for any heirs or beneficiaries that may be entitled to the assets has been conducted.
It’s important to note that the distribution of assets in intestacy can be complex and may vary depending on the specific laws and circumstances of each situation. It’s generally advisable to consult with a legal professional or estate planner for guidance in such situations.
Let Us Help You.
If you downloaded the Intestate Succession Flowchart above, you can see that it isn’t always easy to figure out “where to assets go if no will?”
We’ve been handling estates will and without wills for 25 years. We will answer your questions and make the probate process as simple and painless as possible.
Give us a call at 602-443-4888 today. There are deadlines, and if you don’t act, it’s possible that someone else could take control before you do.