The laws of intestacy may apply when an individual dies intestate for at least a portion ofhis/her assets. This can happen in the following situations:(1) There is no Will;
(2) The Will is incomplete (for instance, there is no residuary clause);
(3) A trust is incomplete regarding its final distribution;
(4) Residuary beneficiaries are predeceased;
(5) The joint owner is predeceased;
(6) A beneficiary designation of a life insurance policy or of a retirement plan is missing or invalid;
(7) Beneficiaries have waived their rights. |
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