When someone dies without a will, they are said to have died "intestate." In this situation, the state's intestacy laws will dictate how the deceased person's assets will be distributed. This typically means that the deceased person's assets will go to their closest living relatives, such as their spouse and children. If the deceased person is not married and has no children, their assets may go to their parents or other more distant relatives. If the deceased person has no living relatives, their assets may be distributed to the state.
The problem with dying without a will is that the state's intestacy laws may not distribute your assets in the way you would have wanted. For example, if you have step-children that you consider to be your own children, they will not be entitled to a share of your estate if you die without a will. Similarly, if you are not married but have a long-term partner, they will not be entitled to a share of your estate if you die without a will.
Another issue with dying without a will is that it can make the process of distributing your assets more complicated and time-consuming. In this situation, the court will appoint an administrator to manage the deceased person's estate. The administrator will be responsible for managing the deceased person's assets, paying any debts and taxes, and distributing the remaining assets according to the laws of the state. This process is known as "probate," and it can be time-consuming and costly, as the administrator must follow certain legal procedures and may need to go to court to get approval for certain actions.
It's worth noting you can avoid probate altogether with a trust in place. There are many types of trusts that are described in another resource.
One of the best ways to ensure that your assets are distributed according to your wishes is to create a will. A will is a legal document that outlines how you want your assets to be distributed after your death. It can also appoint an executor to manage your estate and make sure that your wishes are carried out.
Creating a will is a relatively simple process, and it's something that everyone should do. You can create a will with the help of an attorney or by using an online service. The important thing is to make sure that your wishes are known and that your loved ones are provided for in the way you intend.
In conclusion, dying without a will can create unnecessary complications and make the process of distributing your assets more time-consuming and costly. By creating a will, you can ensure that your assets are distributed according to your wishes and that your loved ones are provided for in the way you intend. Don't wait until it's too late – take control of your legacy and protect your family's future by creating a will today.
