If I die without a Will, does the government take my property? What happens to my estate?
Dying without a Will often leads to some unintended distributions. Also known as dying “intestate”, passing away without a Will means that Colorado state statutes will determine how an estate (the deceased person’s assets) is distributed. Keep in mind that dying interstate isn’t uncommon by any means. Quite a few familiar names have died without a Will over the years, such as Prince, Howard Hughes, Michael Jackson, Abraham Lincoln, and Martin Luther King Jr.
The disposition of assets depends on the circumstances of the deceased at the time of death. There are four categories to keep in mind:
- Dying intestate married without children
- Dying intestate married with children
- Dying intestate single without children
- Dying intestate single with children
Let’s briefly analyze what happens in each of these situations:
Dying Intestate Married Without Children
This is arguably the simplest situation. Basically, if someone dies while they’re married and there’s no children involved, the entire estate is awarded to the surviving spouse.
Dying Intestate Married With Children
The case becomes a bit more complicated when children are involved. The surviving spouse will inherit all of the estate if all of the children are of the deceased and the spouse of the deceased. But if the decedent has children outside of the surviving spouse, they will not receive the entire estate.
Dying Intestate Single Without Children
If a person passes away without a Will, the living parents of the deceased will inherit all of the decedent’s assets equally. If only one parent survives the decedent, the surviving parent inherits the entire estate. In the situation that both parents have passed away, the estate would go to any living siblings.
Dying Intestate Single With Children
This might be the most complex situation, especially if the person who passed away is the only surviving parent. In fact, this situation commonly leads to a great amount of litigation. The children are owed an inheritance, but the analysis becomes more complicated if the children are of different parents. Also, selecting a Personal Representative early in the process can lead to conflict. In that case, the distribution is carried out per capita to each of the siblings.
Designated beneficiaries for life insurance policies, IRA’s, etc. change the analysis above. The safest method to achieve an intended inheritance result is to retain a competent estate planner.
We Can Help
Needless to say, it’s important to have a Will. Dying intestate can lead to unnecessary conflict, unintended consequences, unequal distribution of assets, and protracted litigation. Thankfully, the team at Law One is highly experienced when it comes to estate planning, and can walk you through the often-complicated process of drafting a last will and testament.
