Intestacy

When someone dies without a will, their estate is intestate.  Without a will, the courts must rely on the laws of intestacy to determine how the individual's assets are divided, and who will be appointed guardian of their minor children.

The laws of intestacy act as follows:

• If all children are from the current marriage, the surviving spouse will inherit the first $60,000 and the remainder will be divided equally between the surviving spouse and the children.

• If the deceased spouse has children from a previous marriage or relationship, the estate will be equally divided between the surviving spouse and the children.

• If there is no surviving spouse, the children will inherit the entire estate.  Adult children will inherit their share outright, while minor children's shares will be administered by their guardian.

• If the surviving spouse does not have an ownership interest in the homestead, the surviving spouse will have the right to the house during their lifetime and the children will attain it upon the death of the surviving spouse.

Have you properly named a guardian for your minor children?  If you are not sure, answer no.