My Husband died with no Will. We own property together and separate. Who receives if we have Children?
Full Question:
My husband and I were married for over 20 years. He passed away recently. We own a house in joint tenancy in Wyoming. My husband named me the beneficiary of his retirement account. He also owned $300,000 worth of other property in Wyoming. We have three children from our marriage. How will the property be divided in Wyoming if he hasn’t left a will behind?
12/29/2016 |
Category: Wills and Es... » Intestacy |
State: Wyoming |
#29046
Answer:
“(a) Whenever any person having title to any real or personal property having the nature or legal character of real estate or personal estate undisposed of, and not otherwise limited by marriage settlement, dies intestate, the estate shall descend and be distributed in parcenary to his kindred, male and female, subject to the payment of his debts, in the following course and manner:
(i) If the intestate leaves husband or wife and children, or the descendents of any children surviving, one-half (1/2) of the estate shall descend to the surviving husband or wife, and the residue thereof to the surviving children and descendents of children, as hereinafter limited;
(ii) If the intestate leaves husband or wife and no child nor descendents of any child, then the real and personal estate of the intestate shall descend and vest in the surviving husband or wife.
***”
In the case at hand, when the surviving spouse automatically inherits the house and any remaining retirement funds as the wife is the sole beneficiary (they will not be intestate property). The remaining asset worth $300,000 will be divided per the above-quoted statute in the following manner:
1. The surviving spouse gets $150,000 i.e. ½ of $300,000.
2. The three children each be entitled to an equal share in the remaining $150,000 worth of intestate property.