If you do not perform a will prior to you pass away, you die intestate. Passing away intestate means that what property you have will be divided amongst your staying loved ones by the laws of intestate succession.
The laws of intestate succession are those statutes in each state that determine how your property at your death is divided between whatever family you have left. Consider it by doing this, you are a just child, with an excellent baseball card collection, which you swore your disliked cousin Stanley would never have. Die without a will or intestate and cousin Stanley might be chuckling all the way to the antiques store.
You can also pass away intestate even if you have a will. This situation can take place if you fail to update your will at routine intervals. Any property you own at your death that is not covered in your will, is dispersed by the intestate laws. Prevent being intestate by inspecting your will to see if it requires updating as major events occur in your life.
Examples of significant events are:
Birth of a child;
Finally, if none of this encourages you to have a will to avoid passing away intestate, think about this. If you die intestate and there are no relatives entitled to your property according to the intestate laws, your property could wind up going to the state in which you reside at your death. The state has actually taken enough of your money while you were alive, do not hand it to them when you are dead.
Comments are closed.