A will is the legal expression of an individual’s wishes as to the disposition of his or her property after death. A will is not operative until death and is revocable during the individual’s lifetime.
The most important reason for creating a will is to provide you with an opportunity to control the passing of your property and avoid “intestacy.” Without a will, your assets will pass by the laws of intestate succession of the state in which you reside or in which your property is located. Thus, the government, rather than you, dictates how your property will be distributed.
Most intestate succession laws provide that separate property (i.e., property not held jointly with another individual) is to be distributed as follows:
- If you die with a spouse but no children, your spouse takes the entire estate.
- If a spouse and children survive, each takes some portion of the estate.
- If only your children survive, they take the entire estate.
- If no spouse or children survive, the estate goes to your parents, and if they don’t survive, then to your siblings or their heirs.
- If no spouse, children, parents or siblings, then to your grandparents and their heirs (i.e., aunts, uncles and cousins).
- If none of your heirs survive, the next takers are the issue of your pre-deceased spouse.
- If none of the above survive, your estate goes to the next of kin.
- If no next of kin, then your estate goes to the state.
Keep in mind that although the above rules are typical, the laws of the state of your residence may vary.
Without a valid will, your property will go to your relatives in accordance with state laws. By making a will, you can pass property in a manner different than those laws. With a will, your property can be left to one or more relatives, friends or charities. With a will, you control the distribution of your property!
In my next post (Part 2), I’ll discuss other reasons for having a will and the tremendous benefits a will can provide.
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