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What happens to a married person's assets when he dies without a will?
Wiki User
∙ 15y ago
The assets are transferred to the closest family member (if any). Most people have people whom they do not consider family, but in some cases this can be the person to whom the assets are transferred. In the case of a married person, the assets would be transferred to their spouse.
Wiki User
∙ 15y ago
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If Dad had no assets Do you need probate?
Not if there are no assets at all. A will is simply a document that transfers a persons property to other persons after death. If there are no assets to be transferred, then there is nothing for the will to do.
What happens to persons property upon death in Maryland?
It will go into the probate process. The assets and debts will be resolved according to the will or the intestacy laws.
What happens if someone dies without a will in Florida?
The laws of intestacy will be applied. It will specify the distribution of the assets.
Can a deceased persons spouse sell a jointly owned vehicle without the executor of the will being inovolved?
Yes. Any jointly owned assets do not form part of the deceaseds estate. The assets therefore belongs to the joint owner. This would be true even if the assets was a house.
If a person is arrested in New Mexico for drug trafficking and money laundering what happens to the persons assets?
Not enough information is disclosed to answer the question fully. Depending on the circumstances, their assets could be seized pending determination as to whether they were the fruit of ill gotten gains.
What happens to the deceased's debts such as bank loans and tax arrearages?
Some or all of the deceased assets will be liquidated to pay for the debts before any remaining assets can be divided by the survivors or distributed as decreed in his/her will. If there are not enough assets to cover the debts, the court will divide the assets somewhat equitably. If the deceased was married, the debt will be passed on to the spouse.
What do you mean by Bankrupts?
Bankrupt means having no money or assets. Bankrupts, therefore, are a group of persons or busnesses that have no money or assets.
What do you mean bankrupt?
Bankrupt means having no money or assets. Bankrupts, therefore, are a group of persons or busnesses that have no money or assets.
Is there a way to protect your finances from divorce without a prenuptial agreement?
Don't get married or discuss the issue with an attorney who specializes in hiding assets from spouses.
What happens if a person dies without a will and all he has is medical bills and credit card debts but no assets?
Even without assets, the estate has to pay off the debts. If the estate cannot do so, they distribute any money as best they can. If the court approves the distribution plan, the debts are ended.
Are trade debtors tangible assets?
Trade debtors are persons or organizations who allows others to buy items or goods with credit and to receive payment for such goods at a later date, and tangible assets include both fixed assets and current assets. The items or goods are the assets, not the trade debtors.
Who is responsible for a persons debt when they die?
The estate will be responsible. If there are not enough assets to cover the debts, then they will not be paid.
