I have not made a will yet and am curious about what happens to my assets if I die without one?

If you die without a will, your assets will be distributed according to the laws of your state, known as intestacy laws. These laws determine who inherits your property and financial accounts when there is no will or trust. The assets are usually transferred through probate, the legal process that distributes a deceased person’s assets. Since intestacy rules vary from state to state, it is important to check the laws of the state where you live.

A helpful starting point is to research your specific state’s intestacy laws. There are also online tools available that can help determine how your estate might be distributed based on your household information. Search for keywords such as “intestacy evaluators.” Additionally, there are resources available that offer a useful state-by-state intestate succession guide.

In the meantime, here is a general overview of what can happen, depending on your family situation. Of course, situations can vary so it is always recommended to seek legal guidance.    

Married with children: When a married person with children dies without a will, all property, investments and financial accounts that are “jointly owned” automatically pass to the surviving co-owner without going through probate.

However, for all other separately owned property or individual financial accounts, the laws of most states award one-third to one-half of these assets to the surviving spouse, while the rest goes to the children.

Married with no children: Some states award the entire estate to the surviving spouse, or everything up to a certain amount. But many other states award only one-third to one-half of the decedent’s separately owned assets to the surviving spouse, with the remainder generally going to the deceased person’s parents, or if the parents are deceased, to brothers and sisters.

Single with children: Generally, state laws will provide that the entire estate goes to the children, in equal shares. If an adult child of the decedent has died, then that child’s children (the decedent’s grandchildren) split their parent’s share.

Single with no children or grandchildren: In this situation, most state laws favor the deceased person’s parents. If both parents are deceased, many states divide the property among the brothers and sisters or, if they are not living, their children (your nieces and nephews). If there are none of them, it goes to the next of kin. If there is no living family, the estate passes to the state.  

Make a Will

To ensure your assets are distributed according to your wishes, creating a will or trust is essential. If you have a simple estate and an uncomplicated family situation, there are do-it-yourself resources that can help you create all these documents for very little money.

If, however, you want or need assistance or if you have a complicated financial situation, a blended family or considerable assets, you should hire an attorney. An experienced attorney can ensure you cover all your bases, which can help avoid family confusion and arguments after you are gone. Costs will vary depending on where you live.

The National Academy of Elder Law Attorneys (naela.org) and the American College of Trust and Estate Counsel (actec.org) websites are great resources that have directories to help find someone in your area.

You also have the option to check with your state’s bar association (findlegalhelp.org) to find local low-cost legal help. Another option is to call the Eldercare Locator at 800-677-1116 for a referral.  

Note from the WCCF: if you have a simple estate, you may want to consider using our FREE "Create Your Will" tool.  You can access it here:  https://wccfgift.org/wills/Login.jsp  For complicated estates, we advise you to consult an attorney.  

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.