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Blog for October 14, 2015
John died, leaving behind a wife, Mary, and two children by a previous marriage. He owned a home that was is his name, and a $50,000 bank account in his name only. He had no will.
What will happen to John’s property?
When a person dies without a will, the laws of intestacy determine how the decedent’s property will be distributed. In this case, Mary will receive 25% of the net value of John’s home and his children will each receive 37.5% of the net value of his home; and Mary will receive 50% of his bank account and the children will each receive 25% of the bank account.
Mary is considered a “childless spouse”. If John had no children but one parent, then Mary would receive 75% of the net value of his estate and his parent would receive 25% of the net value of the estate.
See IC 29-1-2-1.