What happens if you die without a will?

Learn how inheritance laws affect asset distribution

How to Protect Your Beneficiary Will

A will names the beneficiaries who will receive your property along with who will manage and distribute your assets. If you do not have a will that specifies how your assets should be distributed to beneficiaries, your estate will go through a legal process called probate. “It’s a lengthy, costly process,” said Sumita Basu, a partner at Norton Basu, in an email to The Balance.

State Inheritance Laws Vary

What exactly happens to your assets when you die without a will varies from state to state. Often, courts use a formulaic approach to determine where your assets should go, according to the state’s inheritance laws.

Single Individuals Who Die Without Wills

Creating a financial plan for the future may be especially important if you are a single parent. If you die without a will, courts will determine who will care for your children based on the law, not according to your preferences, values, or relationships.

What If One Spouse Dies Without a Will?

What happens when one spouse dies without a will depends on state laws and whether they have children. For example, if you die without a will in California and have children, the spouse will typically inherit half of the community property and half to one-third of your separate property. If you have no children or surviving parents, the spouse will inherit your entire estate. Other states may distribute assets differently.

What If a Partner Dies Without a Will?

Some states apply inheritance laws for marriage to civil partnerships, while some states that recognize civil partnerships may not grant them inheritance rights. Therefore, civil partnership is not always an ideal substitute for a will.

How to Write a Will

Working with a professional in estate planning can help ensure your will is valid, but you can also write your own will using computer software or online programs. If you write your own will, make sure to sign and date the document. Depending on your state laws, you may be required to have the document witnessed by two people who do not receive anything under the will’s terms.

Frequently Asked Questions

What is it called when someone dies without a will? How can you write a will without a lawyer?

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Source: https://www.thebalancemoney.com/what-happens-if-you-die-without-a-last-will-and-testament-3505199

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