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If you pass away before designating which of your heirs will receive certain assets, you’ve died “intestate.” This means the laws of your state will determine what happens.
Typically, your assets will be distributed to relatives in a particular order. But if you want to have a say in things, even a simple will can provide clarity for your loved ones.
What happens to your belongings if you die without a will is determined first by which state you live in, then by the family you leave behind.
The following outcomes are contingent on the laws of your state, but probable scenarios include:
I own property in more than one state. How will that be distributed?
If you live in one state and own property in a different state (or states), the intestacy laws of those individual states will apply. Under those laws, your property could end up with several different sets of beneficiaries.
If your children are minors and you don’t have a will — or haven’t nominated a legal guardian in your will — the court will appoint one upon your death.
This applies to both biological and adopted children.
Technically, pets are considered property under the law. So if you die without a will, your pet will follow whatever the intestate succession laws dictate.
But designating a caretaker in your will can help to ensure your pet ends up in a loving home.
Intestate laws dictate what happens if you die without a will, and intestate succession refers to how your assets are transferred upon your death. The court will determine the distribution of your assets, and the order in which they will be passed on to your relatives. The court may also appoint an executor who’s’ responsible for repaying debts and liquidating assets.
The laws vary across the country, and are based on the state the deceased resided in. In most states, the surviving spouse inherits most or all of the assets — even if the deceased has living parents or siblings.
Intestate succession doesn’t apply to some property types, including life insurance proceeds and deeds.
Yes. If the deceased didn’t leave a will, the court will determine who is entitled to the assets. It will then nominate an administrator to manage the probate process — which can include notifying creditors, paying debts and taxes, and taking an inventory of assets.
Anyone who’s married or has kids or assets should put together a will. The document will clearly lay out your wishes and prevent conflict between your family members when you’re gone.
You can easily create a will online, and with the Uniform Electronic Wills Act, more states are accepting electronic wills and signatures.
In light of the COVID-19 pandemic, many people who are preparing to return to their physical workplaces are writing wills, including teachers and essential workers.
The average cost of writing a will varies widely and depends on how complicated your estate is to divide. But in general, be prepared to budget between $150 and $1,500. Options for drafting the deed include:
Specifying where your assets and belongings should go when you die helps your relatives carry out your wishes and relieves pressure from grieving loved ones.
Taking the time to plan your estate — including naming an executor and securing life insurance for yourself — is another way to make sure your loved ones are protected in the future.
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