no will

[louielouii]

What is the name of your state? INDIANA MY grandparents do not have a will. They have a home ,bank accounts and stocks and bonds. will everything they have go to the state?They have 2 children my mother and a retarded son that still lives with them.

 

[oberauerdorf]

Without a will their estate will be probated INTESTATE or 'without a will', which simply means that your state laws will define who get's what.

Tell gramps and grannie that if they want certain people to be taken care of, especially the retarded son, they should do some estate planning NOW!

 

[I AM ALWAYS LIABLE]

What is the name of your state? INDIANA MY grandparents do not have a will. They have a home ,bank accounts and stocks and bonds. will everything they have go to the state?They have 2 children my mother and a retarded son that still lives with them.

My response:

No, it won't "go to the State". There are heirs!

There are two ways of dying - - one way is saying that you "care" by executing a Will.

The other way of dying is saying, "I don't care if I have a Will. Let the State laws determine how my Estate is divided."

So, if they don't have a Will, but you had your eyes on Grandma's five caret diamond solitaire, and she said "orally" that you can have it after she's dead, then you can forget about getting that diamond. The State has it's own laws for dividing intestate Estates.

The lesson here?

Make sure your Grandparents execute a Will, so that THEY are the one's in charge of who gets what. Otherwise, the State will do it for them - - and no one's going to like the results.

IAAL

 

[louielouii]

IND What percentage does the state take when there is no will when there are two hiers?

 

[I AM ALWAYS LIABLE]

My response:

If you're referring to Estate Taxes, see a counselor for specifics. Estate taxes, if required in your State, has nothing to do whether a decedent had a Will or not. What matters is the value of the Estate, and the planning for taxation ahead of time.

IAAL