Without a will, the estate planner’s estate may not be administered or distributed how they want it to. Having a comprehensive estate plan and helps to ensure the estate planner’s estate is handled according to their wishes when they pass. This can be beneficial for both the estate planner and their family.
When someone dies without a will, state intestacy laws step in and the estate is distributed according to those state intestacy laws. Those laws may not be consistent with the desires of the estate planner for their estate.
No will and the estate planner is single
when the estate planner dies and they are single, generally, their parents of the estate planner will inherit their estate. Those who inherit according to intestacy laws are referred to as heirs rather than beneficiaries that are named in a will. If the estate planner’s parents are not living, the estate will then go to the estate planner’s surviving siblings. The estate may also be divided based on one surviving parents and siblings for example.
No will and the estate planner is married
if the estate planner is married, the surviving spouse of the estate planner will inherit the estate. The estate may also be split between the estate planner’s surviving spouse, parents and siblings depending on if the estate planner has children.
The intestacy process if someone dies without a will helps to illustrate the importance of a will. Having a valid will can help ensure the estate planner’s estate is distributed based on their direction for which assets and property should go to which beneficiaries and can provide important peace of mind that their family and loved ones will be taken care of according to their wishes.