The will is your primary document for passing assets onto your heirs in the manner in which you intend. However, if you pass away without a will or an appropriately structured trust, your assets are distributed according to state law. This is true regardless of your intentions and your wishes, but it also increases the possibility of a conflict and contest in the court.

The state in which you reside is responsible for determining the division of your assets if you do not have a will in place. If there are assets you own in a separate state, however, like investment real estate or a vacation home, then the laws of that jurisdiction will apply for those particular assets.

Assets that are owned in your name are generally split among heirs, which can include children, a surviving spouse, parents and siblings. The rules might also be further stretched to distant relatives if immediate family members cannot be identified. Your entire estate goes to the state if there are no surviving heirs under state law.

If you own property jointly with another person with survivorship rights, like a spouse, legal ownership is transferred to that joint owner. Understanding the implications of estate planning and not putting together a will is crucial for your future and it can help you identify a plan that is in line with your unique needs. Do not hesitate to schedule a consultation with a dedicated estate planning attorney who has years of experience in this field to get your individual questions answered and to structure a plan in line with your concerns.

 

 

Comments are closed.