Dependent Administration

Intestacy Equals Laughing heirs

The States of Texas or New Mexico have written a last will and testament for you (depending on where you live). It isn’t called a last will and testament. Instead, it is called “intestacy.”

Those who inherit by intestacy are essentially “laughing heirs.” Play the video below to learn what a laughing heir is.
Video Player

In the video, I said that the brothers were living in a cave in Ireland. That was incorrect. The brothers were living in a cave outside Budapest. I also said in the video that the brothers were inheriting from their aunt. That was incorrect. I recently learned that the brothers inherited from their grandmother.

For more information: 
http://www.telegraph.co.uk/news/worldnews/europe/hungary/6704685/Brothers-living-in-cave-to-inherit-billions-from-lost-grandmother.html (visited on July 6, 2017)

http://www.dailymail.co.uk/news/article-1235256/Brothers-living-cave-set-inherit-share-grandmothers-4billion-fortune.html (visited on July 6, 2017)

The lesson we should learn is that Texas and New Mexico allows individuals to leave what they have to who they want if they write a written will or living revocable trust. The writing must conform to State law.