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Steve_R · Sep 20, 2011, 08:22 AM

After the death of both parents how are assets distributed to surviving children?

smoothy · Sep 20, 2011, 09:21 AM

What did the will specify? Or was there even a will, as in they passed away without having one?

The parents could have legally given everything away to anyone else... or even a charity in a will, or even to just one child.

We need more information.

ebaines · Sep 20, 2011, 10:06 AM

Normally the assets of the estate are distributed in accordance with the decedent's will. But if neither parent had a will, the property is split according to LA's rules for intestate estates. The rules for the split of the assets in LA are different for community property vesus separate property. If neither parent had a will, then for the case where there are children:

1. When the first parent died one half of his/her community property goes to the surviving spouse, the other half of community property goes to the direct descendants subject to the surviving spouse's "usufruct" (meaning the surviving spouse can use the asset, but when she/he remarries or dies it passes to the descedant's descendants), and any separate property goes to his/her children.

2. Then when the second parent died her/his estate would be split between her/his children (assuming she/he did not get remarried).

So after both parents have passed the net result is the children split the estate. If any child pre-deceased either parent then that child's "share" goes to his/her children.

Steve_R · Sep 20, 2011, 10:16 AM

Sorry, I should have been more specific. Assuming there is not a will would the assets have to be divided in a judicial procedure. Also would any sibling with power of attorney be able to exclude another sibling from inheritance or limit the amount of inheritance.

ebaines · Sep 20, 2011, 10:27 AM

Originally Posted by Steve_R

Sorry, I should have been more specific. Assuming there is not a will would the assets have to be divided in a judicial procedure. Also would any sibling with power of attorney be able to exclude another sibling from inheritance or limit the amount of inheritance.

The Power of Attorney is void once the person who granted the PoA has died. Because there is no will the court must appoint an executor, who is responsible for administering the estate including paying any final bills and distributing the estate assets to the heirs. As already noted, state law dictates that the estate assets must be split between descendants. The executor can not decide to exclude any of the rightful heirs (although it is possible for an heir to disclaim his/her portion).

Steve_R · Sep 20, 2011, 11:02 AM

Thank you all (Y'all down here). Your answers were very helpful to me.