What happens to your assets if something happens to you?

Question

Let's say you die, what will happen with my house and belongings?

And, let's say I go to prison, what will happen to my property?

I don't have a will or beneficiaries to leave my stuff to, or life insurance.

does anyone know in both scenarios what will happen?

Answer 1

Your house belongs to the government. That's why they tax you on it. So when you pass, the government will keep it. If you go to prison, that means you might stop paying tax, and that means the government will claim it. Everything else that you don't pay tax on will probably be donated.

Answer 2

If you don't have a will (and if you don't have stuff to will anyway) it goes back to an agency of the state. They even take care of burying people whose bodies are not claimed.  If you go to prison, then you'd best have somebody to take care of your stuff, or some other living person will take care of it (things not tended to do disappear, especially if they are of value).

Answer 3

Make a will, even if you leave what you have to a charity. You will name an executor to carry out your wishes.  If you go to prison, you will need someone to have Power of Attorney to act in your behalf.  This needs to be someone you trust!    OR you can do a Revokable trust.  Check with an attorney to find out what is right for you.

Answer 4

Without a will, state probate law decides the disposition of your estate.  You SHOULD have a will.