Many people believe that estate planning is just for A-listers, industry moguls, and corporate honchos. But in reality, estate planning is for everyone. It’s not only about distributing the assets; it’s also about leaving specific instructions to those who are left behind.
Many problems may arise if someone passes away without leaving a will or any instruction about property transfer. Familial disputes are one of them. Strains on relationships surface when family members debate on who will receive which. Below are the other things that may happen if someone dies without a will.
The Intervention of State
Law firms, such as QuinnTakaradaLaw.com, explain that dying without a will is also known as dying intestate. In such cases, the state will determine how the assets will be distributed. In general, state law provides that the property will be given to the deceased person’s spouse.
Other Forms of Distribution
The spouse will be responsible for the property if the deceased has no children, his parents are dead, or he has no siblings, living relatives, and descendants. In cases where there are other inheritors, such as children, half of the property will go to the spouse. The remaining will go to the children, parents, siblings, grandparents and other relatives. If the person has no one to give his assets to, the state will take care of them.
The Right Time to Make a Will
Although there are legal stipulations that ensure fairness in asset distribution, disputes will inevitably arise, especially if the assets are sizeable. If you want to keep that from happening, you need to draft your will as soon as you can.
You must be fully decided when drafting the legal instrument. You should also let go of some biases. Don’t let anyone influence your decision. Most importantly, work with a reliable lawyer specializing in estate planning.