When it comes to estate planning, having a will is one of the most important steps you can take to ensure that your assets are distributed in the way you want them to be. Without a will, your assets will be distributed according to the laws of intestacy in your state, which can lead to a number of problems and complications for your loved ones.
What is Intestacy?
Intestacy refers to the process of distributing a person’s assets after they pass away without a will. When someone dies intestate, the state will determine how the assets will be distributed based on a set of laws that vary from state to state. These laws typically prioritize close family members, such as a spouse and children, but in some cases, the assets may be distributed to more distant relatives or even the state.
The Consequences of Intestacy
When someone dies intestate, the process of distributing assets can be time-consuming and costly. It often requires the involvement of the courts and legal proceedings, which can be stressful for family members who are already dealing with the loss of a loved one. Additionally, the assets may not be distributed in the way the deceased person would have wanted, potentially causing conflicts among family members.
The best way to avoid the troubles of intestacy 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 allows you to specify who will receive your assets and in what proportions, and it can also be used to appoint a guardian for minor children or appoint a trusted person to manage your assets if you become incapacitated.
Updating Your Will
It’s important to note that a will is not a one-time document that you create and forget about. You should review and update your will regularly, especially during significant life events such as marriage, divorce, or the birth of children. This will ensure that your will reflects your current wishes and that your assets will be distributed in the way you want them to be.
Seek Professional Help
Creating a will can be a complex process, and it’s important to seek professional help to ensure that your will is properly drafted and executed. A qualified attorney can help you understand the laws in your state, advise you on how to distribute your assets, and ensure that your will is legally binding.
It’s important to note that the above article is for informational purposes only and does not constitute financial or legal advice. It is always recommended to consult a financial advisor or attorney before making any decisions regarding your will or estate planning.
This article was published by a third party and is intended for general informational purposes only and does not necessarily represent the views of Legacy Assurance. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal or financial advice. You should consult with an attorney regarding any questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about how to set up a will and other estate planning matters, visit our website at legacyassuranceplan.com.