will depend on where you live – but
if you make a will you can decide this
yourself.
• Any Inheritance Tax that your estate
has to pay might be higher than it
would be if you had made a will.
• If you die with no living close relatives,
your whole estate will escheat to the
state where the property(ies) are held
where they will act as the custodian of
the property in perpetuity on behalf of
the rightful owner, (unclaimed prop-
erty). This law is called bona vacantia.
Any assets that you own jointly with
someone will not pass under the intestacy
rules but will pass by survivorship to the
surviving joint owner.
But be careful, you need to own the
asset as “joint tenants” and not as “tenants
in common” for survivorship to apply.
38 HimPower October 2017
WHO WILL INHERIT IF YOU DIE
WITHOUT A WILL?
As mentioned above, if you die without
a will, it means you have died “intestate”.
When this happens, the intestacy laws of
the state where you reside will determine
how your property is distributed upon your
death. This includes any bank accounts,
securities, real estate, and other assets you
own at the time of death. Real estate owned
in a different state than where you reside
will be handled under the intestacy laws of
the state where the property is located.
YOUR WISHES AND WHO CARRIES
THEM OUT
Your will tells people two very
important things:
• Who should have your money, property
and possessions when you die.