Many people, if not most, own some assets and/or debt at the time of their death. Upon death, assets and liabilities are transferred to the “estate” of the deceased.
If the deceased dies with a will, the will control how the estate is distributed. If the deceased dies without a will, they are considered having died intestate and the estate will be distributed according to state law. The process of closing an estate is done through the probate court system.
