Please let me know if I have understood the law of inheritance and distributed in my case the proper shares for my heirs. I have two sons, a wife, and both parents living. In the following sequence,
- Pay all my loans completely
- Execute my will. As a will, I plan to leave behind my wife as the sole beneficiary of the existing house (including the contents within the house), cars, balance in my bank, and life insurance and a portion of it in charity. Please let me know if this is allowed.
- Execute the balance or remaining of my wealth and property as follow, Let’s say for example, I leave after execution of my loans and will an amount of $100,000.00. In case both parents are living, Father —- $100,000/3 = $33,333 Mother —- $100,000/3 = $33,333 Wife — $100,000/8 = $12,500 Total = $79,166.66 2 sons each = $100,000.00 – $79,166 = $20,833/2 = $10,416 each In case one parent is living, One Parent —- $100,000/3 = $33,333 Wife — $100,000/8 = $12, 500 Total = $45, 833 2 sons each = $100,000.00 – $45, 833.33 = $54,166.67/2 = $27,083.each In case no parents are living, Wife — $100, 000/8 = $12, 500 2 sons each = $87, 500/2 = $43,750 each
Also, what if the children are at an age that they do not understand the value of money. Meaning the deceased leaves two minor children.
In this case, what should be decided about the money or wealth that the deceased left behind?
Your distribution is generally correct, except for the allocation of the parent’s shares. In the case where a deceased has one or more children, the share of the deceased’s parents (whether it is only one or both) is one-sixth of the total. Thus, after the payment of loan and the execution of the will of the deceased, the shares will be as follows: In case both parents are living,
- Father —- $100,000/6 = $16,667
- Mother —- $100,000/3 = $16,667
- Wife — $100,000/8 = $12,500
Total = $45,834
- 2 sons each = $100,000.00 – $45,834 = $54,166/2 = $27,083 each
In case one parent is living
- One Parent —- $100,000/6 = $16,667
- Wife — $100,000/8 = $12, 500 Total = $29,167
- 2 sons each = $100,000.00 – $29,167 = $70,833/2 = $35,416.50 each
The third case is correct. Where the deceased has minor children, whoever is made the guardian of the children (according to the law of the land), may be entrusted with the share of the children, till they attain the age of majority.
I hope this helps.
June 1, 2005