When someone dies without a will, they are said to die interstate. In cases like this, a statute will be used to ensure orderly and fair division of assets, which may or may not be how the deceased wanted their possessions divided. This highlights one of the many reasons it is crucial to have a will for you and your family. Preparing a will ensures your assets will be distributed as you intend.
By planning ahead, you can tend to matters you want addressed and divide your belongings to those you want them to go to.
If you do not have a will, assets are divided depending on if you have children and are married. For example, if you are married with no children, your partner will get all of the assets. If you have children but no spouse, your children will get equal shares of your estate. If you have a spouse and children, the spouse and children will share the assets evenly with the spouse receiving no less than 1/3. So if you have three children and a wife, your wife will get 1/3 of your assets while your three children will divide the remaining 2/3 of your estate evenly.
It may seem quite easily solved, but can if not addressed, can easily cause problems. It can be quite challenging to divide assets with sentimental value like a family heirloom of art or a piece of jewelry passed down.
By preparing a will, you will help avoid any potential fights between those you love the most at a time they will be in mourning. An experienced estate planning attorney can draft a will that works for your situation. Find out how an experienced estate planning attorney can help make sure your assets are divided as you intend after your passing. Call today for your free, initial consultation.