By: Martin M. Shenkman, CPA, MBA, JD
When someone dies without a will they are said to die "intestate". If this occurs, state law will determine who will be in charge of administering their estate and who will inherit assets in the estate. Since these laws are simplistic and generic they can never substitute for a will. Sometimes disclaimers (renunciations, refusing to accept an inheritance) can be used to shift assets to where they should be inherited when an intestacy occurs.
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