when there are no beneficiaries, who gets the money?

[Alpo]

I was just now looking at a book over on The Faded Page. It said it was published in 1969. Then I was reading about the author. Said he died in 1967.

 

Now if I wrote a book and it didn't get published until 2 years after my death, my daughter would get the royalties.

 

But if I lived alone and didn't have a wife or kids or any other beneficiary, would the publishers get to keep it all?

[Chantry]

Depends on what the assets are.  Regarding the book, If you had no heirs and made no other arrangements in your will then the publishers and perhaps your agent if you had one would split the money and they would have to pay any taxes that applied.

 

As for something like land, the house or a car, probably the state gets that and the state will probably auction it off.

 

There are a lot of worthwhile charities out there that you can put in your will to at least get any life insurance or cash.

 

Something to think about for those of you who don't have any people to give the money to or have people that you don't want to give the money to. 

 

For me, aside from my parents, I don't want any of my relatives inheriting my estate when I die.

 

 

[Texas Maverick]

Just throwing my hat into the ring. I am always up to receiving a good inheritance from anyone. LOL 

 

TM

[Rip Snorter]

Basically, you write and file a will and have it in the hands of your lawyer (also one in your possession).  Ideally you have a trusted friend who is executor of the will to see that your wishes are followed after you die.  Your wishes, any lawful act, can and should be followed.  Not a lawyer, and do have adult children, but this is what I have done.

[Rye Miles #13621]

44 minutes ago, Rip Snorter said:

Basically, you write and file a will and have it in the hands of your lawyer (also one in your possession).  Ideally you have a trusted friend who is executor of the will to see that your wishes are followed after you die.  Your wishes, any lawful act, can and should be followed.  Not a lawyer, and do have adult children, but this is what I have done.

Same here ^^^^

[Marshal Dan Troop 70448]

We have no children so we made our Wills out to leave to friends.

[Red Gauntlet , SASS 60619]

As others have said, you make a will and any asset, including the book royalties, go to your named heirs.

 

If you don't have a will, it goes to beneficiaries provided by statute; typically close family members in a stated order.

 

I you have absolutely no 'statutory benficiaries', and no will, it will 'escheat'-- go to the state.

 

State laws will govern.

[Rip Snorter]

Don't forget your favorite charities.   Remember that your favorite things may or may not be that for others, family or friends.  My Wife had a very long term friend, unmarried and completely without family, leave her some very nice antiques.  We like them but placing them was a bit of a challenge.  Something else to think about.  Seems like this theme is rippling through a variety of firearms related sites.  Changing of the guard.

[watab kid]

the state in most cases , 

[Rip Snorter]

34 minutes ago, watab kid said:

the state in most cases , 

Many States I'd bust my chops to die a pauper before they got a penny!

[watab kid]

i agree - have a beneficiary named , or it goes there by default 

[Marshal Mo Hare, SASS #45984]

I’ll take good care of your things.

[Grass Range]

No will, no relatives the county Public Administrator handles the estate in conjunction with the County Attorney. After all bills are paid the state gets the balance.