Dying intestate is the condition of dying without having a last will or some other type of asset transfer vehicle in place.
What happens if you die intestate in Davenport?
It All Depends
If you were to die intestate, the outcome would depend on the specific circumstances coupled with the state within which you reside. Before we get into the situations that would most commonly come into play, let’s take a look at intestacy when there is no living relative via a rather dramatic real life example.
Back in 2012 a New York real estate investor named Roman Blum died at the age of 97. He did not leave behind any estate planning documents, so he died intestate.
He was aware of the fact that he would be leaving behind quite a perplexing situation if he did not take action before he passed away according to those close to him. However, for whatever reason, he didn’t express his final wishes in writing. Some speculate that it had something to do with superstition.
Roman Blum was not just a real estate investor; he was a very successful real estate investor. According to reports, he died in possession of some $40 million in total assets. What he did not have was any living relatives.
As a result, the state of New York stands to absorb these millions of dollars according to escheat rules. Under the laws of the state of New York, if no blood relative is found within three years, the state assumes ownership of the funds that comprise the estate.
You may not be a multimillionaire, but if you have no relatives you would probably prefer that friends inherit your resources, or perhaps a worthy charity.
Intestacy for Those With Living Relatives
If you die intestate in Davenport and you do have living relatives, the intestate succession laws of the state of Iowa would be used by the probate court to ultimately distribute your assets. If you are married and you have no children, your surviving spouse would inherit everything. Conversely, if you had living descendents but your spouse had passed away and you had never remarried, your children would inherit everything.
The above arrangements may not sound so bad. However, there are more complicated situations that come into play as you may imagine.
Avoid Intestacy in Davenport Iowa
There is really no reason to die intestate. If you take no action it is very likely that negative consequences will result.
Many people understand the fact that they should have an estate plan, but they don’t know where to begin. The logical first step for anyone who feels this way would be to pick up the phone to arrange for a consultation with a licensed Davenport Iowa estate planning attorney.