Recently, some high profile people have died without a will, highlighting the frightening result of not properly planning your estate. Even if you do not have huge assets to distribute among your heirs, failing to prepare a will can leave your estate in a precarious place, leading to fighting among relatives and costing much money in legal bills.
Dying without a will is called dying intestate. This situation means that the state will take control of distributing your assets. Each state has its own laws, but most have certain laws and regulations in common. If you are married with children, the state will probably divide your assets between your spouse and your offspring. If you are married with no children but your parents are alive, the state may give some of your assets to your parents instead of all of them to your spouse. If you die without a will and have no spouse, no children, and no parents left living, your siblings would most likely split your estate. In states such as Minnesota, half-siblings have the same rights as full siblings. If a sibling has died, their children may be eligible to split the deceased's share.The court might well appoint a lawyer to represent the estate, but even with this legal help, problems can arise.
If you die without a will, some of your money and possessions may well go to someone you would not have chosen. For instance, if you have a half-sibling you haven't spoken to in years, that person might receive the same benefit as a beloved sister or brother. Another potential problem arises with your spouse. You may have expected them to receive everything, but without a will, your spouse may lose assets that they need to maintain their current standard of living. In addition, those who feel slighted can get their own legal representation and battle the asset division for years. Basically, when you die without a will, you can plunge your family into financial chaos. Also, your friends will be totally excluded. Not making a will is a selfish, self-indulgent act.
You know that you need a will, but you may avoid creating one simply because you hate to think about your mortality. In order to provide for you loved ones, you must draft a detailed will and keep it updated. Otherwise, your legacy may be less about how you lived and more about the legal battles after your death. Click here for info on wills and estates.Share
10 May 2016
While I took a few business classes in college, I left early to start my own business. I thought I had the knowledge I needed to become a great business owner and was eager to start my business. Soon, I had a new business that was actually performing pretty well in sales. Unfortunately, I hadn't taken any law courses in college, and I soon realized I made a few mistakes when starting my business that could cause me some legal trouble. Thankfully, a great business lawyer helped me correct my mistakes before I had any legal problems, but I then decided to take those business law courses. I want to help business owners and anyone else who would like to learn more about the law by starting a blog where I will share what I have learned and will continue to learn. I hope I can help you!