Tuesday, March 11, 2014
Reid Weisbord (Rutgers) has posted The Connection Between Unintentional Intestacy and Urban Poverty (Rutgers Law Review) on SSRN. Here's the abstract:
Most people think of estate planning and testamentary freedom as issues for the rich and middle class, but there is much to learn about inheritance patterns in lower economic populations. This Essay examines the connection between urban poverty and decedents who failed to appreciate the consequences of dying intestate (without a will). Unintended intestacy causes wealth to fractionate, a problem of particular concern when a decedent owned real property in which surviving family members reside. For individuals near or below the poverty line, the unexpected loss of an anticipated inheritance by an intended beneficiary can cause devastating social and economic consequences. This is especially true for intended beneficiaries forced to vacate the decedent’s home.