First of all, your Estate consists of all that you owned in life. Your house, your bank accounts, your vehicles, and all your personal property. If you don’t have a Will, the law decides where it goes for you.
There are four groupings of people who stand to inherit your estate. If there is no one in Group 1, then you must move to Group 2. If there is no one in Group 2 you move to Group 3 and so on. But if there is only 1 person in any of the groups, they inherit all and you do not move to the next group. Most of us will fall in Group 1, so I will explain who is included here. I won’t go into all the groupings today.
Group 1: Group 1 consists of your surviving spouse, surviving children, and descendants of children who passed on before you. An equal share would go to each. To explain a little easier lets look at an example.
Let’s say you had a spouse and two children. One child passed before you but had two children. An equal share of your estate would go to your spouse, your living child, and to your deceased child. The deceased child’s share would be split equally with their two children.
Feel free to call me anytime if you want to discuss or have any questions.
Have a great day!