Posted: 5/8/2010 1:33:49 AM EDT
| A guy I work with last parent died recently and did not have a will. This guy has since pulled most of the $ out of his parents bank account. I was thinking that was not the right way to do it but he is sure it is fine. So is it or not? |
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Depends upon the state where this occurred, what the total estate property was and whether there are other siblings.
In most states, there are procedures for simplified estate procedure if the estate is small and/or has no real property. If there is real property almost every state is going to require probate. There are also what are called family exemptions such that an estate with a small value does not have to pay creditors of the estate. If there is significant value, then he'll be responsible to pay the creditors of his deceased parent. State law will specify who the heirs are in the absence of a will ( "intestate succession" ). |