Intestate - Die without a Will

It is so important that you make a Will.  But, the question often arises what happens if you die without a Will?  If there is no Will at death, the intestate laws of the state apply. 

A question was posed regarding the death of a spouse leaving a wife and 5 children without benefit of a Will.  For real estate, if the property was owned jointly with the wife, the property will go by joint ownership to the wife.  The other assets would go as follows:  The first 30,000 would go to the spouse and the remaining would be split 50% to the wife and 50% equally distributed to the 5 children.  Note, this would include any real estate that was owned in the husband's name alone.  If any child is under the age of 18 their share will be held for them and given out right to them at the age of 18 years of age.

Would this be the result you would like to see for your estate?  Many would say no!  Save your estate by making a Will today.  Contact us at http://www.ythlaw.com/

Why You Need A Will

There is a pervasive belief that estate planning is only for those with wealth. This, however, could not be further from the truth. Most people own some type of property, whether it is a family home or bank account and most people have loved ones, children and spouse, that they want to take care of. Without a will, the state gets to decide how to distribute this property at death according to the state's intestacy laws. These laws generally leave the property to the surviving spouse and/or children. The problem with state intestacy laws, however, is that they are based on blood relation. They do not take into account the fact that many Americans have non-traditional families. For example, if a person has been married more than once with children and step-children from each marriage, has a civil union, domestic partnership or wishes to leave property to an unrelated person, then the intestacy laws will not carry out their final wishes. By preparing a basic will, an individual gets to control how their property is distributed. If they want to leave money to charity or create a trust to take care of a pet, they can do that. If they own a family business they want to see carried on rather than broken up, they can do that too with the right estate planning tools. There are many other things that can be done through estate planning. Contact us at www.ythlaw.com

Estate Planning Mistakes - Number Seventeen

There are a number of triggering events that should have you making a Will or updating a current Will. One such event is marriage. Do not fail to amend your Will after you get married.

If you marry after making a Will (with no mention of a current or future spouse) and do not change it before you die, then your surviving spouse will receive the share of the estate to which a spouse would be entitled if you died without making a Will. This may or may not meet with your intent. It is always better to make your own plan then having the State's plan imposed upon you.

Contact us at http://www.ythlaw.com/for expert estate planning advice.

4. Distributes Wealth

Over the last few days, we have discussed 3 benefits of estate planning; (1) protects assets; (2) saves money; and, (3) creates a legacy. The fourth benefit of estate planning is distributes wealth. The following is from my book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning.

"Ria enjoys the international travel required of her successful technology consulting business. During her extensive traveling and demanding business, her closest and dearest sibling Michelle has taken on the full responsibility of the care of their parents, whose health has been rapidly failing. Her two older brothers have remained distant from the family and provide no support or interest in the care of their parents. Though Ria never married, she is considering adopting children.

In recent times, Ria has thought about her estate and how it;might be distributed when she dies. She is especially concerned about the ramification of any adoption."

Should the state control the distribution of Ria’s assets? What would happen to all her wealth if she has no husband and no children.

Let's learn more about Ria tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/