What Happens to a Deceased Persons Assets if They Left No Will
Wills and Trusts: What Happens to Assets if There Is No Will Written?
Unfortunately, dying in this country isn't as easy as it seems. What Happens to a Deceased Persons Assets if They Left No Will is a common question that our clients have. If you want to make sure that your remains are taken care of to your specifications, your family winds up with insurance money, and your assets are left to the people you want them left to, there's a lot of work you have to do.
Are you aware that 68 percent of Americans don't have a will? This means that if these Americans suddenly die, they won't get to control what happens to their assets.
This article will walk you through the importance of wills and trusts by teaching you what happens if someone dies without having written a will.
The State Takes Over
Thankfully, it's not a free-for-all for your property if you die without a will. The state takes over in these situations, with the rules set in place by the government determining who gets access to your assets.
The rules for who gets your assets alter depending on the state. However, there are some things that remain constant.
Inheritance laws generally look to spouses and blood relatives. If there is a friend or distant cousin you intend to leave something to, there's a good chance they'll wind up with nothing if you don't include them in a will.
It should be noted that if you have no will, but do have a life insurance policy, the money from that will still go to the people you mandated. However, if you didn't mandate anyone as a beneficiary, your life insurance will be included with your estate and given to whoever the state sees fit.
When a parent dies without leaving a will, the state gets to mandate a guardian for the children as well. This isn't random or simply based on the judge's preference, however. It's the judge's job to conduct research and grant custody of the children to whoever will benefit the children the best.
Unmarried Couples May Be Left Devastated
If you're in a relationship with someone that you're not married to — as many people do these days — it's very important that you write your will. The laws surrounding will only recognize relatives, and do not consider those in unmarried relationships with someone a relative.
By writing a will, you're able to control exactly where your assets go.
You Can't Choose an Executor
Thankfully, you don't need to think of everything in your will. In your will, you can name a person of your choosing as your executor. This person will determine who your assets go to and help you wrap up your affairs.
Understand Wills and Trusts
As you can see, the world of wills and trusts is quite unfair if you don't write a will. When you die without letting the world know what your financial wishes are, you burden others by letting the state decide what happens to your money.
For more information, get a free consultation with us today. You can click here to schedule your free consultation or call (480)565-80, the Wills and Trust Attorneys at Citadel Law Firm will be pleased to help.