Hey guys, it’s your friendly neighborhood blogger here with a heads up on the topic of wills and intestate succession. Now, I get it. No one wants to think about their own mortality, but unfortunately, it’s a topic we all have to face at some point. And when that time comes, it’s important to be prepared and have all your affairs in order, including those related to estate planning.

So, what happens if you die without a will? Buckle up, because we’re about to dive into the world of intestate succession and all the risks that come with not having a will.

What is Intestate Succession? 🤷‍♀️🔍

Intestate succession is what happens when someone dies without a valid will or estate plan. In this case, the individual’s assets are distributed according to state law, rather than their own personal wishes. Each state has its own laws regarding intestate succession, but generally, it follows a predetermined order of inheritance. For example, if you’re married and have children, your spouse and children would typically inherit your assets first. But, if you’re not married and don’t have any children, your assets may go to your parents or siblings instead.

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Risk #1 – Your Assets May Not Go to Your Desired Beneficiaries 🤯💰

As mentioned earlier, without a valid will in place, your assets will be distributed according to state law and their predetermined order of inheritance. But what if you have specific beneficiaries in mind that you’d like to designate your assets to? Without a will, that simply won’t happen. Instead, your assets may go to family members or distant relatives that you may have not spoken to in years, or even to the state.

So, if you want your assets to go to specific individuals or organizations, it’s essential to have a legal, valid will in place.

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Risk #2 – Your Children Might Not Get the Guardian You Want 🧒👩‍👦

If you’re a parent of minor children, you probably have a good idea of who you’d want to assume guardianship of them in the event of your untimely passing. But without a will that designates a guardian, the court will have to decide for you. And unfortunately, the court’s decision may not align with your own wishes.

To ensure your children are taken care of by the person you trust most, it’s important to name a legal guardian for them in your will.

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Risk #3 – Intestacy Can Cause Family Conflicts 🤬🤯

Money has a funny way of bringing out the worst in people, especially when it comes to inheritance. Without a valid will or estate plan, the distribution of your assets can cause family conflicts and disputes that can last for years. This can lead to broken relationships, hurt feelings, and even legal battles.

To avoid these conflicts, it’s essential to have a legal will that clearly outlines your wishes for your assets and how they should be distributed among your beneficiaries.

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Risk #4 – The Probate Process Can Be Lengthy and Costly 🕰️💸

When someone dies intestate, the probate process can become more lengthy and costly than if they had a valid will in place. This is because without a will, the court has to appoint an administrator to handle the estate, which can take longer than if an executor had already been designated in a will. Additionally, without a will, the court may have to spend more time locating potential beneficiaries, which can also add time and cost to the probate process.

To avoid these additional costs and delays, it’s important to have a legal, valid will in place that designates an executor to handle your estate.

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Risk #5 – There May Be Tax Implications 🤑💸

Finally, dying without a will and without a designated plan for your estate can lead to tax implications for your beneficiaries. Without a will, your beneficiaries may not have access to all of the estate tax exemptions and deductions that they would have had if you had set up a proper estate plan.

By having a legal and valid will in place, you can minimize tax implications for your beneficiaries and ensure your assets are distributed according to your wishes.

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So, there you have it – the top risks of dying without a will and why it’s essential to have a legal and valid will in place. Don’t put off creating your will any longer – take the necessary steps to protect your assets, beneficiaries, and loved ones today.

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