If an elderly relative has no will and no living relatives other than yourself, the chances of inheriting money from them are relatively high. In the absence of a will, the legal process of distributing the assets of the deceased relative is known as "intestate succession." Intestate succession laws vary from country to country and may differ between states or provinces within a country. However, some general principles typically apply:
Probate Process: When someone passes away without a will, their estate typically goes through a legal process called probate. During probate, the court will identify the deceased person's assets, pay off any debts or taxes owed, and distribute the remaining assets according to the intestate succession laws.
Next of Kin: If the deceased person has no living spouse, children, or direct descendants, the inheritance usually goes to their closest living relatives. As the only living relative, you would likely be considered the closest living relative, and therefore, you would stand to inherit the entire estate.
Share with the State: In some jurisdictions, if no living relatives can be found, or if the deceased person is deemed to have no heirs, their assets may escheat (transfer ownership) to the state government.
Unclaimed Property: If the deceased person's assets are not immediately discovered or claimed, they may become unclaimed property. Governments usually hold unclaimed property for a certain period, and if no rightful claimants come forward, the property may eventually be transferred to the state's general fund.
It's important to note that the process can be more complex if the elderly relative had assets in multiple locations or if there are any debts or outstanding claims against the estate. If you find yourself in this situation, it is advisable to consult with a probate attorney or legal professional to guide you through the necessary steps to claim the inheritance and ensure everything is handled correctly according to local laws.