Does your parent have a will?  If you die without a will, a person's estate will be distributed according to state law.  This distribution may or may not be your parent's wishes.  Dying without a will is called "intestate."  Every state is different, and each state has laws written for intestate death.  In most states, if you are married spouses are typically awarded 1/3 to 1/2 of the estate.  The other part of the estate is typically divided amongst one's children.  If no children are present, the estate is divided amongst other living relatives.  If you are not married, have no children, and no living relatives then one's estate will go to the state.  Any held joint accounts, will go directly to the person co-named on the account.  Any life insurance policies or trusts will go to the designated beneficiary.  KEEP IN MIND, if the beneficiary is deceased or is considered incompetent, it will take a lot of time, money, and court proceedings to award those monies elsewhere.  It is a good idea, to always review these policies annually to verify the beneficiary and their competency.  As a side note, if a person is not married but has a significant other/partner, the significant other/partner will not inherit anything from the estate without being named as the beneficiary in the insurance policy or will.

To ensure your wishes regarding your estate are carried out accordingly, plan your estate outcomes with a will and/or trust.  For more information, check your State website for intestate law.

Information adapted from Severns Associates, Pathfinders in Elder Law
www.severns.com