What happens to a property if owner dies?

What happens to a property if owner dies?

With some forms of ownership, one owner's property interest automatically passes on death to surviving owners. All of a deceased's assets and debts taken together is called her estate. In probate, the executor collects estate assets, locates and pays outstanding debts and locates beneficiaries and/or heirs.

Does everything go to your spouse when you die?

If you prepare a last will and testament, you can name your spouse so they inherit probate assets when you die. Some states' laws provide that a surviving spouse automatically inherits all of the assets whether or not the couple had children together.

What is considered marital property in Pennsylvania?

Marital property covers money earned and property acquired after the marriage, in Pennsylvania. Marital property is subject to division in a divorce, and may present issues when administering a will or trust document. Pennsylvania is an equitable distribution state.

Who inherits if there is no will in Pennsylvania?

Pennsylvania wants to assure that these individuals are provided for in the event of the untimely demise of a loved one. In addition to the surviving spouse and children, the law may also provide an inheritance for the decedent's parents, siblings, aunts, uncles, and their children and grandchildren.