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Theresadp: It depends on what state the deceased lived in. For most states, if you die intestate (without a will) and leave behind a spouse and children, the estate assets are split between the spouse and the children. Some states split it 1/3 to the spouse and 2/3 to the children in equal amounts, others do it 50% to the spouse and 50% to the children. So the question is: what state did the deceased parent live in? Also, be aware that these rules apply to the assets that are being probated; any assets that have benficiaries named (such as an IRA, 401(k), insurance, and possibly investment accounts) go to the named beneficiary. And of course any property that is jointly owned with "right of survivorship" goes to the joint owner - this is typical for real estate, especially a primary home, and joint checking or savings accounts, but the executor of the estate will have to verify. |
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