A decedents "heirs" are those persons as determined by the laws of intestate succession in your particular state.
Therefore the estate of an intestate decedent in Indiana at least might pass say 1/2 to his spouse and the other 1/2 to his issue,,,,,,,, perhaps say if no surviving spouse then in equal shares to his surviving issue,,,,,,,,,,,if no surviving issue then you may eventually get to parents, siblings etc etc down the line.
The "estate" is ONLY that property which does not pass otherwise by operation of law such as joint tenancy or entirety or other forms of joint ownership with rights of survivorship or such things as Transfer on Death (TOD) or Pay on Death (POD) accounts or instruments carrying a beneficiary designation. A person could be a multi millionaire with primarily non probate transfers occurring upon his death and a small or no appreciable remaining "estate" to administer. A Trust is only ONE method/tool to avoid probate, sometimes best sometimes NOT, it depends on the situation.
If there's no will a competent bona fide interested party can petition the Court for appointment as the Personal Representative (Executor, Administrator). If there is a Will the testator usually designates his or her PR.
ONLY if there are no heirs or claimants might an estate pass to the state via escheat and thats rare.
I cant speak for others, Ive been the Attorney for several estates and Ive NEVER got MOST OF IT LOL perhaps 1 to 5 %
Also, I done estate planning for several clients AND NO TWO ARE EVER ALIKE. Just because a Trust is best for Billy Bob, a Will may be better for Bubba. Consult a trained professional Estate Attorney, NOT Billy Bob or Bubba as your plan should suit YOU NOT what was best for someone else down the road or lay or even professionals on a tractor forum until the entire situation is reviewed and your needs are satisfied and local laws researched.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
