The Consequences of Dying Without a Will

Comments Off

You probably know that a will dictates what happens to your assets when you pass on. But it’s amazing just how many people do not have one. Some are so uncomfortable with the subject of death that they avoid anything related to it. Others believe that since they do not own many assets, there is no need for a will. And still others simply don’t want to be bothered with such things.

If you have no interest whatsoever in what happens to your money and other assets after you’re gone, a will is probably not necessary. Otherwise, it’s important to have one drawn up as soon as possible. If you don’t, your assets could go to people that you wouldn’t want to have them, and those you care about could be left with nothing.

Dying without a will is known in legal terms as dying intestate. If you die intestate, it’s up to the state where you reside to determine how your property is distributed. Laws vary from state to state, but your spouse and children are generally first in line. If you have both a living spouse and living children, the property is usually divided among them. In most cases, the spouse gets a certain percentage and the children divide the rest. If you have no children, everything usually goes to your spouse, and vice versa. But in some states, your parents may be entitled to a portion of your assets.

For those who are unmarried and have no surviving children, the property goes to the next of kin. This is where it gets confusing. Your direct descendents are usually next in line, and if you have none, the property could go to aunts, uncles or cousins. If you have no living relatives, your assets will go to the state.

If you want the full details about who gets what if you do not have a will, you’ll need to check your state’s laws. But it’s much better to just go ahead and prepare a will so that your wishes are followed. That way you won’t have to worry about your assets going to your uncle with a gambling habit instead of your cousin who is working her way through college.

Another reason that it’s important to have a will is because those who are not related to you are ineligible to receive anything in the absence of one. If you have a close friend or significant other who you would like to leave something (or everything) to, it won’t happen unless it’s put into a valid will.

Having a will is important, but keeping it up to date is also imperative. If one of your heirs dies before you do, his portion of your estate will not necessarily be divided among the other heirs. It will be distributed as the state sees fit.

As you can see, the consequences of dying without a will are many. You may not be around to see the aftermath, but your family and others you care about will. When you die without a will, chances are good that you will leave behind lots of confusion and hurt feelings.

Filed Under Things You Need To Know 

Next Page »