What Happens if I Die Without an Estate Plan
Jan. 27, 2022
No one likes to think about death, but it's something that we all have to face at some point. One question that many people don't think about until it's too late is, "what happens if I die without an estate plan?"
If you die without a will or other estate planning document in place, the state will step in and make decisions for you. This can lead to a lot of confusion and chaos for your loved ones.
In this newsletter article, we will discuss what happens if you die without an estate plan and how to avoid this situation.
What Will Happen to My Assets?
If you die without a will, also known as intestate, the state will distribute your assets according to its estate distribution laws. Generally, the state will give your property to your closest family members. This can lead to a lot of conflict and confusion among your loved ones, who may not agree on how to divide up your belongings. It could also lead to others mismanaging assets that you’d rather be used for your children.
What Will Happen to My Children?
If you have children and die without a will, the state will appoint a guardian to care for them. This can be a huge burden on your loved ones (especially your children), as they will need to go through a lengthy legal process in order to assume guardianship of your children.
How Can I Avoid This Situation?
The best way to avoid the consequences of dying without an estate plan is to make a will. A will allows you to designate who will inherit your property and how it will be distributed. It also allows you to appoint a guardian for your children in case something happens to you.
If you don't have a will, there are still a few things you can do to make sure your loved ones are taken care of. You can create a living will, which designates who will make medical decisions for you if you can't make them yourself. You can also create a power of attorney, which appoints someone to manage your financial affairs if you're unable to do so.
My Office Can Help Protect Your Family & Your Assets
Making estate planning a priority is one of the most important things you can do for your loved ones. By taking the time to create a will or other estate planning documents, you can ensure that your wishes are carried out after your death and that your loved ones are taken care of.
Contact my office for a free strategy session and I’ll help you make an estate plan that works for you and your loved ones.
Parenting Tip:
Choosing a School for Your Child. The best way to find the right school for your child is to ask around. Talk to other parents and see what they recommend. You can also look online for reviews of different schools. Another important thing to consider is the location of the school. Make sure it is close to your home or work so that it is convenient for you to get to.