When a person passes away without a will, his or her assets are passed to heirs in accordance to state law, in what is known as intestate succession. The purpose of these laws is to distribute a descendant’s assets in a way that closely matches what a person would do if he or she had a will. However, Estate Planning Services Las Vegas NV can differ radically from a person’s actual wishes. Even where a person has made their wishes known, no exceptions exist if there’s no valid will.
The Uniform Probate Code
The 1990 Uniform Probate Code is the basis of many states’ intestacy laws, but individual states’ statutes differ. Under the UPC, close relatives take priority in matters of asset distribution; classes include surviving spouses, descendants, and parents. Assets are distributed by shares, as shown below.
• Surviving spouses are entitled to either the entire estate or a substantial portion of it, especially if the descendant and the spouse had children together. If the descendant was not survived by parents and descendants, the spouse receives the entire estate; if the person was not survived by descendants who also descended from the spouse, the surviving spouse gets the first $100,000 of the estate plus ½ of anything over that amount.
• Descendants can take the entire estate by the right of representation if there’s no surviving spouse. Parents can receive the entire estate if the descendant wasn’t survived by descendants or a spouse, and other relatives can take the estate if the descendant wasn’t survived by parents, descendants or a spouse.
Net Estate Information
A net estate is the amount distributed to a person’s heirs after taxes, family protections, debts and fees for Estate Planning Services Las Vegas NV are paid. Family protections include exempt property and homestead allowances, as well as family allowances.
Most people don’t give much thought to drafting a last will and testament, but it is something everyone needs to think about, no matter how many assets they have. If a person needs help drawing up a will, or needs to ensure that his or her assets go to the correct recipients, they can click here to see Grant Morris Dodds in Las Vegas NV can help.
