intestacy


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Related to intestacy: intestate

Intestacy

The state or condition of dying without having made a valid will or without having disposed by will of a segment of the property of the decedent.

intestacy

n. the condition of having died without a valid will. In such a case if the dead party has property it will be distributed according to statutes, primarily by the law of descent and distribution and others dealing with marital property and community property (all going to a surviving spouse). In probate the administration of the estate of a person without a will is handled by an administrator (usually a close relative, the spouse, a close associate), or a public administrator if there is no one willing to act, since there is no executor named in a will. In most states an administrator must petition the court to be appointed and must post a bond from an insurance company guaranteeing that it will pay the value of the assets he/she/it may steal or misuse. (See: will, intestate, probate)

intestacy

the state of dying, leaving property undisposed of by will. This may be because the testator has failed to make a will at all or because his will does not make any effective disposition of property (total intestacy) or because his will effectively disposes of some, but not all, of his property (partial intestacy). The distribution of the intestate estate is made according to detailed rules.

INTESTACY. The state or condition of dying without a will.

References in periodicals archive ?
Wendy Edwards, an associate solicitor within Archers' wills, probate and trusts team, said: "The changes to the intestacy rules do make things simpler in some cases.
It's much more personal and reassuring than the broad brush approach of the intestacy rules," he added.
The rules governing intestacy - or the divvying up of the deceased's remaining assets - can lead to frozen bank accounts and eventual inheritance outcomes that would come as a surprise to people from many other parts of the world.
However, any assets held in the deceased's sole name fall under the intestacy rules.
This leaves More than pounds 1 trillion worth of property at the whim of the intestacy laws.
The problem with dying intestate is that your estate will be divided according to intestacy rules which may not be in accordance to the wishes or intentions of the deceased.
11) As the Florida Supreme Court has stated, "[t]he true meaning of these maxims of equity is that equity will treat the subject matter, as to collateral consequences and incidents, in the same manner as if the final acts contemplated of the parties had been executed exactly as they ought to have been" (12) The doctrine of virtual adoption specifically is intended "to avoid unfair results from the application of intestacy statutes.
a Muncie, Indiana-based provider of trust-management software, "your assets will be distributed according to your state's intestacy laws, which probably won't be the same as your wishes.
REFLECTIONS: In Letter Ruling 200304038 (1/24/03), the Service allowed a surviving spouse to roll over a deceased spouse's IRA from the estate when the estate was the designated IRA beneficiary, but the spouse was the estate's personal representative and sole beneficiary under state intestacy laws.
Volume 1, published in 1999, contains the complete text of Division I and covers probate transfers at death through wills and intestacy.