If no heirs, then where and how?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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stonerolled
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Joined: Sun Sep 30, 2012 8:16 am

If no heirs, then where and how?

Post by stonerolled »

If am interested to hear how those with no spouse or children have handled wills, beneficiary forms, etc.
My 2 investments accounts are reaching mid six figures and account for 2/3's of my net worth.
From what I understand, a non-profit tax number is all that is needed on an account beneficiary form to send to any charity.
In Louisiana, the siblings would then inherit my house, vehicles, and other property.

Thanks for any advice.
Last edited by stonerolled on Tue Feb 17, 2015 12:14 pm, edited 2 times in total.
livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: If no heirs, then where and how?

Post by livesoft »

Louisiana has different law about inheritances than the rest of the states. Are you sure your siblings would get your money? Or would it go to your mother's aunt's female cousins fourth-removed? I'd check it out. It turns out you may not even own your assets right now, but they could belong to someone else already.

More seriously, suppose one of your siblings dies without a will, then you die without a will. It will get messy very very quickly.
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johnubc
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Re: If no heirs, then where and how?

Post by johnubc »

Create a will and do what you want with your assets (I can send a pm if you would like to include me ;) ).

No sense in letting a stranger distribute your assets the way you wish (while getting paid for it) when you can name who will distribute it. Sometimes it can be better if the executor in not a family member.
DFrank
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Location: North Idaho

Re: If no heirs, then where and how?

Post by DFrank »

A will for a relatively simple estate is pretty easy to put together. I've not done it, but I think in this very simple case one of the DIY programs would be sufficient. My recommendation would be to put together a will so where your assets go is well defined.

I am married, but we don't have children, so not quite as simple as the OP's single person situation. We've drawn up our wills to evenly divide up our estate among our nieces & nephews (there are 10 of them). Nothing too complex, but there are some issues to beware of, mainly surrounding what happens in the unlikely event that any of them are still minors at the time of our passing. As a result, we were happy we had the advice of an attorney in putting it together.
Dave
livesoft
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Re: If no heirs, then where and how?

Post by livesoft »

More issues are what happens when additional nieces and nephews are born or die after one creates their will.
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FelixTheCat
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Re: If no heirs, then where and how?

Post by FelixTheCat »

I love charities but I prefer to impact someone I know. Friends or their kids would get my estate if I didn't have an heir.
Felix is a wonderful, wonderful cat.
DFrank
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Location: North Idaho

Re: If no heirs, then where and how?

Post by DFrank »

livesoft wrote:More issues are what happens when additional nieces and nephews are born or die after one creates their will.
I think the will handles deaths pretty well. The will stipulates that our assets are to be divided evenly among those that are alive at the time. To be completely covered we would want to add any additional nieces and nephews explicitly, but at this point we're pretty sure all our siblings are done having children. :wink:
Dave
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