We inevitably lose loved ones, sometimes due to old age or sometimes because of illness or an accident. In any case, the pain and heartache of losing them can be beyond challenging. Often, our elders can prepare for their passing and draw up a will to handle the estate and their accounts. However, what if they did not prepare for it? How can you take on estate administration without a will?
What is intestate succession?
Your loved one passing without a will should not hinder you from a successful estate administration. Many families have used intestate succession to divide a loved one’s assets even without a will. However, with intestate succession, the state oversees the estate administration. That is the main difference between a will and an intestate. In other words, the state takes over the estate and oversees the probate process. Intestacy involves the state:
- Gaining control over the estate
- Determining any debts the decedent may have and paying them off
- Checking the order of inheritance and divvying the remaining assets equally
The order of inheritance starts with a surviving spouse who inherits the entire estate if there are no children. With the presence of children, the spouse gets half, while the court awards the other half equally among the siblings. Note that intestacy does not cover all assets, and dividing some assets may not need the court’s supervision.
Will we still get our share of the estate?
Many people are unhappy that the state should step into their affairs. However, the courts need to handle it so that creditors are compensated. The estate must pay off debts before the court awards what is left to the beneficiaries. The state also intercedes to protect the beneficiaries from disputes or complications due to intestacy. Taking on legal representation is in your best interest to ensure equal and fair treatment.