The legal term for dying without having executed a valid will is “dying intestate”. Your belongings and property are then distributed to your heirs according to the intestacy laws of your state. If you die without leaving a will, the legal and tax consequences can be huge, more so if you have many assets. Instead of being able to decide in advance how you want your property divided and your assets distributed among your heirs, everything you own will be distributed according to the state laws where you lived and/or owned real property when you died. This is called probate.
If you do not have a will, you still have a DEFAULT Plan. Your default plan is letting the state decide. Each state has defined rules governing how your assets are distributed upon your death. Without a will your estate will go to Probate court. That can be costly and can take quite some time to get things settled. They will appoint someone to serve as personal representative of your estate; it most likely will not be anyone you know. They will be gathering and inventorying your assets; they will be disposing of all your debts; and distributing the balance of your estate after court costs, fees etc to your beneficiaries or heirs. Also, all your private business will no longer be private.
Putting yourself in control of how your assets are divided up after you die is something that you should do in order to save your family excessive taxes, legal fees, legal battles, family fights, and making sure that you are the one to decide who gets what. Yes, it will cost you some, but not nearly as much as having your estate probated will cost.
Who needs a will? You do! No matter if your estate is large or small you should designate someone to manage your assets and make health care and personal care decisions for you if you ever become unable to do so for yourself.
So, WITHOUT A WILL, THERE ISN’T ANY WAY for that to happen. A will is one of the tools to protect you and those you love. Trusts are another tool. So are Powers of Attorney, Advance Health Care Directives, Durable Power of Attorney for Property and more.
Let Shpoonkle connect you with an attorney who can help and advise you how best to protect your loved ones, avoid probate and see your wishes carried out. Your attorney will carefully and fully explain it all in detail.
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