“Who Will Inherit My Assets if I Die Without a Will?”
This is a question I often get from clients. In the state of Texas, if you are survived by your family and do not have an estate plan, the state divides your assets based off of something called Intestate Distribution. Intestate Distribution is what the state has already decided what should happen to your assets if you have not specifically stated what you want to do with them.
Texas will divide your property based on your two types of assets: community property and separate property. Community property is the property you have accumulated with your spouse during your marriage. Separate property consists of the property you had prior to marriage.
Married without Children:
If you are married and do not have children, then your spouse will inherit your share of separate property.
Married with Children:
According to Intestate Distribution, your surviving spouse will receive 100% of your community property. Your spouse will then receive 1/3 of your separate property, and 2/3 will be divided among your children.
Married with Children from A Previous Marriage:
Half of your community property will go to your spouse and the other half will be divided equally among your children. Your spouse will receive 1/3 of your separate property and 2/3 will go to your children.
Not Married with Children from a Previous Marriage:
Your children will inherit all of your property equally.
Intestate Distribution decides how much and when your survivors will receive their share of your estate. If you have any requests as to when, how, how much, how often or even additional persons you wish to pass your estate to, then you will need some sort of Estate Planning document in place. Read here about how you can kickstart your Estate Plan in 5 easy steps.
Do you have your Estate Plan goals in mind? Do you need help with the direction of your Estate Plan? We are now offering free 1-hour virtual estate planning sessions for clients who simply just need help. Give us a call at (469) 400-0000, or inquire here, to schedule your Estate Planning strategy session with one of our attorneys, today.