What Happens if I Don't Create a Will Before I Die?

Estate planning is an act that will protect not only your property and your finances in the event of your death, but it also ensures that your beloved friends and family members receive the inheritance you wish for them to have. Many people often have the question of what will happen if they die and they have still not established a last will and testament. To answer this simply, if you have not set a specific way you want your estate spilt, it may be divided up between family members on the basis of the state laws where you are living at the time you pass on, as well as intestacy laws that are specific to your location. Intestacy means if you have any debt to your name, and the value of your property is well over that amount, this law will determine who is entitled to your property and assets because you failed to establish a will before your death.

What is so complicating with the intestacy laws is the fact that the results are often very different than what you would hope to have happen to your estate. Because the laws to not address personal preferences, you will likely see the property and assets divided in a way is different than you hope. Also, because of these laws you may end up having two beneficiaries if you happen to own more real estate in another state. If you don't own any property outside of your home state, then intestacy laws will be entirely based on your home state which will then determine who will inherit your property. It is important to realize the weight of intestacy laws in each state, because they can and do vary according to locations. If you are concerned about your estate, be sure to contact a probate attorney in your area immediately to help you address these very important questions.

In the event you own property both in your home state and in another location, the intestacy laws in each property state will determine who will inherit that particular location. In most cases, two separate beneficiaries will be declared by the court for every specific, and that number may continue to increase for every additional state that you own property in. Why is it so important not only to understand intestacy laws in each state, and to establish a Last Will? Because depending on your state, will determine how much your spouse or your children get particularly. For example, if you were to live in the state of Virginia and your spouse and children are still alive after you die, your spouse will receive 100% of your inheritance, leaving your children with absolutely nothing to receive. However, if you were to die in the same situation in Florida then your spouse would have the right to inherit the first $60,000 of your estate, and then held of the remaining balance of whatever is left will be split between the spouse and your children equally.

As you can see, depending on where your home state is and how much property you have around the country, will greatly affect who your property is distributed after you die. Because relying on this system is likely not going to produce the wishes for your estate that you would hope, hiring a probate attorney as soon as possible in order to plan your estate is an option which is highly encouraged. By estate planning you can rest assured that you are in control of who gets what in your family, and not have to worry about specific laws in your state splitting the property differently. Find a probate attorney in your area using our site, today!