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Considerations To Keep In Mind When A Close Family Member Dies Intestate

WillsThe death of a parent or other close family member is a trying time for almost everyone but it is especially so when that person dies without a will. In most situations the stress from a lack of a will should be minor assuming the estate is small and any sentimental items were already distributed before death. But in situation where there are significant assets, coveted personal items, or jointly controlled bank account the outlook is much worse. For example, when an owner of a bank account dies, their interest in the account will usually transfer to any other name listed as a joint owner even if the extra person was added for non inheritance reasons. But when faced with a bad family situation due to intestacy, it is always best to keep the peace when ever possible since escalation of a situation rarely resolves the issue and often makes resolution harder to attain. In addition, try to avoid nasty legal battles since they can be long and expensive and result in little gain even if the suit is won. Cooperation is the best solution to conflict so always try to find a mutually agreeable settlement before resorting to more drastic action.

See Quentin Fottrell, What to do when a parent dies and leaves no will, Market Watch, April 25, 2016.