Dying in DC without a will -- How does asset division between spouse and children work?

[Anonymous]

I know if I die in DC without a will, my estate goes through the probate process (though I don't really know what that means).

I understand my wife will get 2/3 and the minor children will get 1/3. Is that correct? If so, what are the mechanics of the children getting the assets at a young age?

[Anonymous]

Note -- I'm NOT dying -- now. I think my title could be confusing.

[Anonymous]

Correct only if the kids are both of yours. If the kids are from other relationships then the rules are different.

[Anonymous]

The children are both of ours.

I'm thinking minor children can't receive large assets directly (too young, don't have bank accounts, etc.), so is some kind of trust set up as part of the probate process?

[Anonymous]

Why not just get a will? If you go through probate the courts get a fee (for my dad, which was not in DC, it was almost 10% of his estate)

[Anonymous]

Serious question: Why don't you just get a will?

The biggest problem with probate is that it can take over a year. In that time, DW and DC have no access to any assets in your name.

[Anonymous]

Anonymous wrote:Serious question: Why don't you just get a will?

The biggest problem with probate is that it can take over a year. In that time, DW and DC have no access to any assets in your name.

DW is beneficiary of my retirement accounts. Those assets she'll get quickly. Doesn't seem worth the hassle to get a will just to cover a few lesser assets such as the house and car.

[Anonymous]

Attorney here. Get a will asap. You have a disaster scenario that will likely occur if you die. Minor children will take 1/3 of everything and they absolutely can own it. What they can do is sell it. So your surviving spouse will spend a small fortune and six months to a year in court to enable her to sell them and there is a chance a different custodian of their money will be appointed (the cost of which will come from their third). If you are unfortunate enough to live month to month but own a home your family will likely loose it to foreclosure.

You have no greater priority in your life right now than to get a will.

[Anonymous]

Er what they cannot do is sell it

[Anonymous]

Er lose not loose. . Damn typing from phone

[Anonymous]

Anonymous wrote:

Anonymous wrote:Serious question: Why don't you just get a will?

The biggest problem with probate is that it can take over a year. In that time, DW and DC have no access to any assets in your name.

DW is beneficiary of my retirement accounts. Those assets she'll get quickly. Doesn't seem worth the hassle to get a will just to cover a few lesser assets such as the house and car.

Why would you do this to her on purpose? Just go to LegalZoom or Nolo Press and at least do a simple will online. Not complicated, and will make the process easier should something happen to you.

[Anonymous]

What is you both die? Get a will.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Serious question: Why don't you just get a will?

The biggest problem with probate is that it can take over a year. In that time, DW and DC have no access to any assets in your name.

DW is beneficiary of my retirement accounts. Those assets she'll get quickly. Doesn't seem worth the hassle to get a will just to cover a few lesser assets such as the house and car.

Why would you do this to her on purpose? Just go to LegalZoom or Nolo Press and at least do a simple will online. Not complicated, and will make the process easier should something happen to you.

I'm not sure what I'm doing to her. We've talked about this. She'll have to get a lawyer anyway when I die no matter what. Wills need witnesses, etc., and who knows where the heck they'll be when I die. Give it to the lawyers, she doesn't have to do much. So what if it takes a year or more. She'll be OK.

[Anonymous]

My sister went through this when her husband died at 41.

Trust me, you're putting her through hell, just because you're too lazy to download ad sign a piece of paper.

[Anonymous]

NP here. How does one go about finding someone to help you write a will? I'm in DC and recently had a kid, so I should probably figure this out. Thanks.