Q: My in laws live with us, what happens to their possessions when they die? They do not have a will
We purchased the home and 40acres of land from my in laws and they still live with us as we will be caring for them as they age. They have some larger possessions like a bulldozer, tractor, sawmill and firewood processor that are on our property. THey don't have a will and I'm wondering what the process will be if they were to die before they get their will done. Everything they have and own is on our property that is in our name that we purchased from them.
A: Intestate Succession (distributing property for someone without a Will) can be a complex and messy process. If other family members exist, they may have a claim to the property that was not included in the purchase of the land - especially without a will. Additionally, depending on the value of the remaining property, there may be significant estate tax implications. You should contact an attorney to discuss the specifics and complexities of your situation.
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