It is called ‘dying intestate’ when a person leaves the physical world without a will. In the presence of a valid will, you can distribute the leftover estate as per the desire of the deceased person. However, what happens when there are no guidelines?
You do not know how the deceased person wanted to distribute his estate.
In that case, every state in the US has created laws. You will need to understand those laws and then follow them correctly for the division of the assets.
How to Get the Possession of the Inherited Estate?
You can receive your share of inheritance by:
- Paying all debts, taxes, and claims
- Verifying that you are the rightful owner of the estate
The purpose of probate is to ensure that all fees are paid in a timely fashion. The law wants to protect the interest of creditors. Therefore, it is mandatory to clear all debts and claims before you decide to distribute the estate.
The second task is to sign an affidavit claiming that you are the heir and you deserve full or a portion of the estate.
Who Gets What?
The answer depends on the age and marital status of the deceased person.
A single person without any children will leave his assets to his parents and siblings.
On the other hand, a married man without any children will leave his assets to his wife. Any marital property will be owned by the surviving spouse whereas other assets can be divided among the spouse, parents, siblings and other distant relatives of the deceased soul.
Similarly, a married person with children will leave entire estate to his nuclear family. That means, the children and the surviving spouse can sign an affidavit for the transfer of the estate. Even in that case, the surviving spouse accepts the ownership of the marital property whereas the children will get remaining assets.
It is critical to note that the ‘right of survivorship law’ only applies if you are married. You do not have the right to receive anything if you were unmarried and lived together but your partner did not mention your share in a ‘will.’ In that case, his/her estate will be inherited by his relatives only.
Finally, the state has the right to take the ownership of an estate if a person has no living relatives who can inherit his estate.
How to Get the Possession of an Inherited Property Without Having a Will?
Small Estate Procedure:
You can use this process if:
- The value of the estate is less than $40,000.
- You did not file a petition for the appointment of an executor.
- 30 days have passed since the death.
You will sign the ‘affidavit of heirship’ before you can get the title of the house. Here is how to prepare one.
However, this process only applies if the estate is worth less than $40,000. What if you inherit an estate valued for more than $40k?
The Estate Will Then Go Through the Probate Process
Selling real estate in probate without a will is similar to selling an estate with a will. However, there are a few exceptions.
You first need to know the family tree of the deceased person. Once you know about the heirs, you can contact them. Appoint an executor and officially begin the probate process in Connecticut.
Retirement accounts and life-insurance policies are transferred directly. You must understand this concept.
Years before retirement, we open an IRA. We sign up for insurance policies, and when we do that, we often name our immediate relatives as the beneficiary. For example, at 30, you open a retirement account. You were married, and you had a son. You list your wife as the beneficiary of the account. It is life, and things do not always go our way.
Imagine, that you and your spouse were divorced by the time, you entered your 40s. You marry again, and at the age of 51, you have three children. Now, if you do not update your IRA documents, your ex-wife can inherit the IRA because you had listed her name. The presence of a will does not matter here. The designated name gets preference over the will, and it will be reasonably easy for the direct beneficiary to get his share.
Your immediate family and children cannot do anything about this situation.
Take care of your financial documents and make sure to update them as you move on with your life.
Once these assets are distributed, the remaining assets will be sold as it happens in a regular probate process.
How to Sell an Inherited Property Without a Will?
Selling inherited property is complicated. The absence of a will makes the matter more confusing. At that time, you need the help of a reputable firm. You need the assistance of an attorney, title experts, and real estate professionals.
CT House Buy LLC is a dedicated real estate solutions firm. We can buy your house as-is for a cash price. Before we do that, we will help you tackle the legal process of selling an inherited property. We can negotiate the matter on your behalf. Our network of attorneys and title experts will advise regarding the process to make selling hassle-free for you.
We work hard to make selling easy for you!