What happens if someone dies...

[Chilly_Willy]

And no one can find the dead persons' WILL? And no one knows how to figure out weither or not that person had Life Insurance?

Does everything get split evenly and go to the children?

[Mistress Quickly]

1. Yep after

the state takes its big fat share!!

We are still clearing things up after my dad's death in January, and that was with a will and life insurance. Makes you want to get everything in order to save everyone the added hassle.

[Chilly_Willy]

4. How did you know

What life insurance he had? Where did he keep his WILL? Lockbox or at home?

[LuLu550]

13. if it was drwn up by an attorney

it should have been filed with the country clerk and the lawyer should also have a copy.

[Loonman]

2. The state takes it

If you have no family, you get a pauper's grave, with or without marker.

[Systematic Chaos]

3. If it's a small estate - no property, little money and some items,

then you'll all just get to fight over everything.

If it's an estate that's actually worth some sort of money then you can bet the government will put its pawprints all over the pie before anyone else.

One of my friends had one of his best friends die a few years back. All he left behind was his video and comic collections, plus regular household stuff. My friend ended up being the one who helped the guy's family divvy everything up, and he got to keep some stuff for himself.

[Chilly_Willy]

5. The situation occurring at the moment

Sounds a little like that, but there's an evil uncle who is trying to trick everyone to sign a contract saying he is the sole benifactor and he wants everything.

[ZenLefty]

6. It's called Probate Court

And it can get really ugly. Of all the reality TV shows on right now, with the TV cameras on Court TV and what not, I think this would be the 3-ring circus to beat them all.

An estate can go through probate whether the decedent left a will or not. It's called a testate estate if there was a will, or intestate if there was no will. The Will makes it significantly easier for the court to make its decision.

[Cleita]

7. In California,

inheritance laws take over. In a simple estate, two-thirds goes to the children and one-third to the spouse usually. Complicated estates are usually assigned an administrator by a judge and they proceed from there.

[Lydia Leftcoast]

8. My maternal grandfather was an attorney

and he fixed it so that my grandmother and my mother (their only surviving child) inherited his assets without having to go through probate. Since I was only 11 at the time, I don't remember how he did it, but I do remember my mother and grandmother talking about how glad they were that they didn't have to go through probate.

[Lydia Leftcoast]

9. About the life insurance

if you don't live in a major city, try calling all the local insurance agents and finding out if the deceased had a policy with them.

[amazona]

10. keep looking for the will and the insurance

The other advice given here is good. Follow it. Try calling around to find the person's attorney as well; she might have a copy of the will but not be aware that the individual has passed.

If you think the evil uncle destroyed or hid the will, you need to get your own attorney as soon as possible.

Don't sign anything except on advice of an attorney who is NOT recommended by or acquainted with your uncle.

If it is possible to get the safety deposit box (assuming there IS one) opened before going through probate, the will is quite likely in there. Call all the banks or you may need to get an investigator to find any safety deposit boxes. People are told over and over not to put their wills in safety deposit boxes, but they still do it. I would hope that the safety deposit box would have a COPY of the will, plus instructions telling where the ORIGINAL is located.

I had several copies made of my will -- for the safety deposit box, for the executor, for the safe at home, etc. Anyone who tries to destroy my will and pull the wool over my heirs will get tripped up in their own fraud. More older people should consider this. It may seem obnoxious to pass out copies of your will but it can save a lot of trouble in the long run.

If the person actually died intestate, the spouse is probably first in line to inherit, and no more of the estate will be distributed until the other spouse passes. It varies by state to state. There is no more forced inheritance of adult children in Louisiana; if you are over age 24, be nice to your folks, they don't have to leave you a penny if they don't want. I don't know if the children in your state can reasonably divide the estate, or if the deceased siblings will also get an equal share; you need a local attorney for that. A friend was cheated of her inheritance when the uncle she cared for passed without a will and an unknown sibling popped up and got everything. Who knows if this person was even a real sibling -- seems strange that she was never around before until her brother passed in his late 90s. But if you are not willing to hire an attorney and fight for your fair share, the more aggressive fortune-seekers generally end up with all the loot.

[Bake]

11. Every state has statutes that govern intestate succession

And they vary from state to state, so it depends on where you are.

Bake

[alwynsw]

12. Life insurance proceeds will either

end up in the state unclaimed property office if the policy was paid in full, or you'll get a bill from the company for premiums. Many folks have life insurance premiums deducted from their bank accounts. The executor/trix can find out if that happened.

A thought for all. Take a little time and list all bank and brokerage accounts (no account numbers, your executor or guardian only needs to know where), real estate, autos, safety deposit boxes, valuables etc. keep it updated. Give a copy to a trusted friend, attorney, accountant, minister, etc. Do the same with your will.

I've been the executor on three estates with at least one more to go. Believe me, it greatly simplifies the process if there's a list. It also means that your stuff goes where you want it to go.

I read a few years back about a $500,000.00 life insurance policy that was pais to the state of MA because the beneficiary could not be found. The unclaimed property office kept it for almost 15 years. When the beneficiary was fially found, she received almost $515,000.00 (the state paid interest for the use of the money).

The deceased was the beneficiary's wife. He never told her about the policy. Both were professors at a college or university in Boston. She was nearly 80 when the money found her. Bright prople keeping secrets.

Imagine what a half million received in 1985 could have grown into in the economy between then and 2000 if invested. Imagine the value to the widow at 65 as opposed to 80. She said it, I wish I'd gotten this when my health was good and I could have traveled or done something useful with it.

'nuff said.