QUESTION
If one of us dies what happens with our assets?
Asked on May 29th, 2013 on Estate Planning - Michigan
More details to this question:
I am married, and each of us has a daughter from previous marriages.
16 ANSWERS
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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It depends on what your Will says. If you leave all to each other, at your death the spouse owns all and they can leave to whomever they wish.
Answered on May 31st, 2013 at 11:22 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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I one of you dies, your property goes according to your valid will. If none, then the survivor gets all community property and half of the decedent's separate property. The other half of the separate property goes to the decedent's daughter. If the next thing that happens is that the survivor dies, then his or her daughter inherits.
Answered on May 31st, 2013 at 2:03 AM
If you do not have a Will and the asset is not in a joint account, it is part of your estate. After the payment of all of your assets, the remaining balance if split 50/50 between your spouse and your children from a prior marriage. Better to have a Will and trust.
Answered on May 30th, 2013 at 7:47 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Without a will, it depends on who dies first. You die first and all of the property is community property, generally your wife will get it unless there is a large amount of community property. Then she dies, it goes to her daughter. Reverse if she dies first. If either of you have sole and separate property, then that may go to your respective daughters but the surviving spouse may have some rights in it. So, to clarify, get a will made for each of you and then you won't have to worry about it. And while you are at it, have a living will and a durable power of attorney for medical decisions made. I also suggest that you have a durable power of attorney for financial decisions as well. Sometimes bad things happen but you don't die. These powers of attorney will help then.
Answered on May 30th, 2013 at 12:30 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I bet all your assets are held jointly, with right of survivorship most married people do that. When one joint owner dies, the other owns all the joint property. Then, the second spouse dies, and, assuming no will, that spouse's child inherits all. You need a good estate planning lawyer to help you get things set up so that each of your children are protected. You need wills.
Answered on May 30th, 2013 at 12:27 PM
The answer depends on whether each of you have Wills and the laws of your state. For more detailed answers, visit with an attorney in your area specializing in estate planning.
Answered on May 30th, 2013 at 10:02 AM
If you have a will, the terms of that document will determine how your assets are distributed. If you don't have a will, state statutes will determine who can inherit - usually a surviving spouse and children by birth or adoption have first claim.
Answered on May 30th, 2013 at 10:01 AM
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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In Missouri, all assets in joint names go to the surviving spouse. Assets that are not in joint names and have no beneficiary designation have to go through probate. Since you both have children from a previous marriage, the surviving spouse gets 50% and the daughter gets the other %50. Please see an attorney to set up an estate plan so that both daughters can benefit.
Answered on May 30th, 2013 at 10:01 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on how the assets are titled, which one of you dies first, and whether or not there are any estate planning documents in place. With answers to the above questions, I would be able to answer your question.
Answered on May 29th, 2013 at 10:42 PM
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It depends upon the character of your property. Community property will go to the surviving spouse, separate property will be distributed equally between the surviving spouse and the child.
Answered on May 29th, 2013 at 10:01 PM
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You should speak to an estate planning attorney regarding your individual situation. A lot depends on how you own property and whose name it's titled in.
Answered on May 29th, 2013 at 9:58 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Because you have a blended family, you would be wise to seek the assistance of an estate planning lawyer if you have assets acquired before marriage or during marriage. If the assets are held in joint tenancy title, then in the event of death of either party,, the other person survives to the assets, but the minor children of the deceased may have a claim on part of the deceased person's assets.
Answered on May 29th, 2013 at 9:38 PM
I depends on how the assets are titled and who dies first. As you each have children, you really need to have an appropriate estate plan.
Answered on May 29th, 2013 at 9:32 PM
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You do not address how your assets are titled. I urge you both to meet with an attorney to establish a plan to protect both of your daughters.
Answered on May 29th, 2013 at 9:23 PM
Estate Planning Attorney serving Torrance, CA
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The Law Office of Kelvin Green
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The answer to your question is that it will depend on how you plan for the estate. The outcome will be different if you have a will, trust, or nothing.
Answered on May 29th, 2013 at 9:23 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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It depends on how they are titled. I would talk to an attorney about estate planning.
Answered on May 29th, 2013 at 9:17 PM