What happens when there is no will? If you fail to make a living will before you die, your estate will be distributed according to the Texas Law outlined in the Texas Estates Code.
COMMUNITY PROPERTY
The Law defines community property as anything:
– You acquired or accumulated while married.
SEPARATE PROPERTY
The Law defines separate property as anything:
– You owned prior to getting married
– You inherited or received as a gift from someone else
How is Property Distributed When There is No Will?
When there is a spouse and children, your spouse receives your half of the community (marital) property and keeps the living spouse’s half. The spouse also receives 1/3 of your separate personal property and a 1/3 interest in your separate real property for their lifetime (real estate). The remainder of your separate property (2/3) is divided equally among the children. Important note: this arrangement only applies if your spouse is the parent of all of the deceased children.
When the deceased spouse has children outside of the current marriage, the children of the deceased spouse receive the deceased spouse’s half interest in community property. The living spouse retains 1/2 interest of the community property and receives 1/3 of the deceased spouse’s separate personal property, a 1/3 interest in deceased spouse’s separate real property for lifetime and the right to use the community real property for the lifetime.
Unhappy with what happens when there is no will? We can help you prepare a will and ensure that your property goes where you want it to go. Call Nimmons & Fronterhouse today to book a free phone consultation.
