If one doesn’t have a Will, is it the end of the world? No, the state has a Will for you. It is called the law of intestacy; and generally the results are not unreasonable. Your property will not go to the state, but to your nearest relative, generally in this order – spouse and then children or other descendants; if no descendants, then to parents, siblings, nieces/nephews, and so forth.
But if you do not have a Will, then no part of your property will ever go as follows: to your favorite charity or religious institution; to a friend; to a non-spouse life partner; to a foster child or god-child; or out of the order or with percentages different than provided by the law of intestacy.
Also, without a Will, you do not get to name your Executor, the Guardian for your children, or a Trustee to manage property for your children until they become a responsible age. You also cannot save money by waiving surety on the Executor’s bond or by waiving the requirement for a Trustee to provide formal accountings. Finally without a Will, tax planning is very difficult.
When should one make a Will? I tell clients all the time that there is definitely no rush. They have their entire life . . . however long that might be.
--Lonnie C. Rich
But if you do not have a Will, then no part of your property will ever go as follows: to your favorite charity or religious institution; to a friend; to a non-spouse life partner; to a foster child or god-child; or out of the order or with percentages different than provided by the law of intestacy.
Also, without a Will, you do not get to name your Executor, the Guardian for your children, or a Trustee to manage property for your children until they become a responsible age. You also cannot save money by waiving surety on the Executor’s bond or by waiving the requirement for a Trustee to provide formal accountings. Finally without a Will, tax planning is very difficult.
When should one make a Will? I tell clients all the time that there is definitely no rush. They have their entire life . . . however long that might be.
--Lonnie C. Rich
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