Asset Protection Lawyer Wethersfield, CT
The goal of many people who work all their lives and save is to be able to have a comfortable retirement. Another goal is to be able to leave enough assets after death to ensure that family members are taken care of. There are many estate planning tools each asset protection lawyer Wethersfield, CT trusts from The Law Offices of Ronald I. Chorches uses to obtain these outcomes, but there are still a large number of people who fail to execute wills to safeguard their assets after they are gone. So, what happens to those assets if there is no will?
If a person dies and they did not have a will, this is referred to as intestate. This means that their estate will need to go through the probate process and all decisions on how that estate will be distributed will be made by the court overseeing the probate process per the laws of the state the deceased person lived in at their time of time.
Although each state has their laws that address this issue, in general, the estate will be distributed as follows. For more detailed information regarding your situation, call our office to speak with a Wethersfield, CT asset protection lawyer
If the decedent was married:
All assets acquired during the marriage are deemed marital property. If the decedent had no children, then all of their share of the marital property goes to the spouse. If children of the decedent are also children of the spouse, the decedent’s share of the marital property will go to the spouse. If the decedent had children from a prior relationship or marriage, then – depending on the laws of the state – the decedent’s share of the marital property could go to those children.
If the decedent was unmarried and had children:
All of their assets will be distributed equally among the children. If they are minors, the court will appoint a trustee to oversee the funds and at the age of 18, the children will gain control of the assets.
If the decedent was unmarried with no children:
- Both parents living: Assets will be equally divided to each parent
- One parent living: Assets will be distributed to that parent
- Both parents deceased: Assets will be distributed equally to the decedent’s siblings
- Parents and all siblings deceased: Assets will be distributed per the hierarchy of relatives set forth by the state the decedent lived in at time of death
- No surviving family: Assets will go to the state the decedent living in at time of death
Let a Wethersfield, CT Asset Protection Lawyer Help Protect Your Estate
Not having a will in place can leave assets unprotected, especially if the state intestate laws will result in distribution of assets to a family member that the decedent would not want to have. Make sure your assets are protected by contacting an asset protection lawyer Wethersfield, CT from The Law Offices of Ronald I. Chorches today. We have been helping clients protect their family for more than 30 years and would be happy to discuss what the best legal options for your situation are.