What happens when you pass away with out a Will
Everybody will die at some point. Because of this, it is important to be prepared should any untoward incidents resulting in death happens. One of the most essential things you should have is a last will and testament to help secure your estates. Your estates can include bank accounts, real estates and other types of assets under your name.
But what if you die without a will or “intestate?” Pertinent laws regarding intestate succession differ per state. To make things more complicated, distinct laws apply to individuals with different marital statuses. Here’s what can happen if you die intestate depending on your marital status.
For Single Individuals
Individuals without spouses and children will have their estates passed on to their parents upon their death. This only applies if both parents are living. If this is not the case, then your properties will be distributed to your siblings, half-siblings and your surviving parent. Your estate will be equally divided among your siblings and half-siblings if you have no living parent.
In case you do not have surviving parents, siblings, nieces and nephews, then half of your assets will be given to relatives from your mother’s side and the other half will go to relatives from your father’s side. Meanwhile, single individuals with children will have their assets passed on to their children or grandchildren (if the child has died before you).
For Married Couples
One of the most defining features of intestate succession laws for married couples is conjugal or marital properties. Should one of the couple dies, the marital property will be passed on to the living spouse. The same is true for married couples with children. Separately owned assets will be equally shared by the living spouse, siblings and parents.
If you have children with another partner, your estate will be split in half with your surviving spouse getting half and your living children with another partner getting the other.
Individuals in a Domestic Partnership
A tricky aspect of intestacy laws is a domestic partnership, especially as not all states recognize this type of marital status. Because of this, special laws are created for such instances. These laws are similar to inheritance rules for married couples. However, it is best to check with your state regarding this matter.
For Unmarried Couples
Unfortunately, these types of laws only apply to spouses and relatives, so couples who are cohabiting but are not married nor domestic partners will have an issue with intestate succession without a will. This means that if one partner dies, the other partner will not receive any of the deceased estates and relatives will get it instead.
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Whatever your marital status is, you want to make sure that your estates will be received by the right people and the best way to do this is to write a legally binding last will and testament. The easiest and fastest way to do this is to get digital wills.
Digital wills offer a convenient and cheap, yet secure option for individuals of any marital status. You can sign and store the file online, giving you and your partner easier access when the time comes.
With digital wills, you do not need to undergo a long legal process just to make it legally binding as with traditional wills and testaments. Moreover, there is no need to hire lawyers for the process, letting you save money.
So, make sure to take the time to create your digital will. This way, you can get the peace of mind you need knowing that your estate is secured just in case anything happens.