How can I figure out the amount of my inheritance?
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How can I figure out the amount of my inheritance?
I inherited some money from my father. There was no Will, so since I’m next of kin the money goes to me. Can someone help me out with a rough guideline of how much is generally given to each family member? The 3 people to whom money will be distributed to are his sister, neice (10) and nephew (8). My dad had a good relationship with his sister and she doesn’t have a lot of money. I have no money myself and know that my dad would want me to be taken care of first and foremost. The total inheritance will be about $200,000. She mentioned the possibility of doing it by percentage which makes sense to me. Of course every situation is different but any guidance would be greatly appreciated. Any other advice?
Asked on October 25, 2013 under Estate Planning, California
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
Get to a wills, trusts and estates attorney in California as soon as possible. Under California as well as Arizona law, if someone dies without a will and no spouse, the children inherit everything. This is true unless the person dies with life insurance and has named beneficiaries other than his children, or named beneficiaries of a trust of bank instrument. Also your father may have owned some things with his sister as co-tenants with rights of survivorship, in which case those will pass to her. But there is no "doing it by percentage." You are the one with the right of inheritance and you need to have a lawyer handling this with you.
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