Wealthy People. No Kids. What will happen to their wealth?

Question

My neighbor elderly couple with no kids living on pension. Its their own bungalow house. What will happen if they die? They do want write any will to their relatives. Because when they was poor no one helped them. So if there is no will written will the government take over the property?

Answer 1

An executor will be appointed by the court and relatives will get it unless they, the elderly couple, designate a charity or cause to donate their assets to. Many folks designate their estate to a medical cause that has effected them or to a local organization they were involved in such as the historical society or veterans group.

Answer 2

Sometimes the public trust will keep the money but they usually try and find a living relative first. They might keep the money for a period of some years before they put it in the public trustee fund.

Remember even if they do not want a living relative to have the money they can always go to court and contest it and win if theyre entitled to money.