Don’t Have a Will? You Still Have an Estate
The phrase “estate” is a legal term referring to the entirety of an individual’s property and has nothing to do with whether they own a large home or have a high net worth. If you own a home, investment and retirement accounts, cars, a vacation home and personal possessions, these items comprise your estate.
Every adult needs a will to decide how they want their assets distributed upon death. If there is no will, known as “intestacy,” the state’s laws direct the court to administer the estate. This is usually based on kinship. Spouses, children, parents (if living) and siblings are typically the first ones to inherit after debts and court administration fees are paid.
The Value of a Will for Family Stability
In some states, when there is no will, fully half of the estate goes to the surviving spouse, and children of the decedent receive the balance, divided equally among heirs. If the spouse’s financial security depended upon inheriting the entire estate, there would be no opportunity to change the distribution. If the family includes minor children, a court-appointed representative may administer their share, and court approval may be required to access funds for the children’s basic needs. The surviving parent will have to navigate the court system until the children reach adulthood.
If you have no spouse or children and no family members with a certain degree of kinship set by statute can be located, the court may transfer your estate to the state.
Court Involvement When There Is No Will
When someone dies without a will, family members can expect to spend a lot of time in court. They’ll need to petition to be appointed as an administrator to manage the estate. If there are other family members who believe they should be the administrator, they may challenge the court’s decision. Anyone with a lawful claim against the estate, like an estranged child, could more easily succeed in a will challenge.
Wills Do More Than Distribute Assets
Wills are used to appoint people to key roles, allowing you to give control to those you trust. The executor is named to oversee managing the estate, including gathering assets, notifying government agencies and paying personal and estate taxes. By nominating a guardian for minor children in their wills, parents can have input regarding who will raise their children and where they will live if both parents die.
The executor and guardian must be approved by the court during the probate process. However, their names in a will provide the testator with peace of mind, knowing their estate and children will be cared for by people of their choice, not strangers appointed by the court.
Wills Create a Legacy
If your goal is to protect your loved ones, spare them unnecessary court costs and stress and direct how property is distributed after you die, having a will is the best gift you can give your family.
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