Have you ever wondered what would happen to all of your assets if you die without having a will? It is very important to have one officially made so that it will provide a legal pathway for the distribution of your assets. There are some that wonder what will occur with their home, bank accounts, and any assets that they have if they do not have a will before they die. Here is an overview of what could possibly happen if you do not get a will drawn up before your death.
What Does Intestate Mean?
This is a term that is often used to describe the situation where a person has died without a will. It means that intestacy laws will kick in, in the state that you are a resident of, in order to determine how all of your assets will be distributed from that point forward. These laws pertain to your assets such as your real estate, securities, bank accounts, and every other asset that you currently own. If you had property in a different state, the laws of that state will then determine what happens to that property. Intestate laws will be different for those that were married or single. They also change depending on whether you had children or not. In most cases, different portions of the property are distributed to people in your family who are referred to as the heirs of your property. This can include your surviving spouse if you have one, children, brothers and sisters, and other family members.
What If Someone Does Not Have Family?
If someone dies with assets, and they do not have any immediate family at all, it almost always goes to the state in which you died. This is why it is so important to have an official will drawn up so that the assets can be distributed as you would want them to be. Even if you only have one distant family member, a person that you have never seen before, they would end up with all of your assets if a will was in place. That’s why it is important to have one of these done so that the state does not get your property, and can be given out to those that are meaningful in your life.
You can find lawyers that will create a will for you. It will be officially drawn up and certified. Once that is done, you will not have to worry about where your assets will go. It’s a simple process that will only take a few weeks for them to prepare, and you can rest easy knowing, in the event of your death, all of your assets will be given to those that you would prefer distributing them to in the event of your death.