Is having a will on your list of priorities or is it on the bottom of your list? Do you know how important it is to have a will in place? Do you know what happens if you die without a will?
I recently posted a small blurb about Aretha Franklin passing away last month without a will. I don’t think the general public is aware she did not have a will in place and her estate is worth $80 million and she never secured a will for her family. This is one of the most recent stories we hear about famous people who pass away without a will.
A large percentage of Americans can relate to this as most of us don’t have a will or a living trust in place. I recently came across an article posted by caring.com that explored more than half of American adults don’t have a will in place.
It doesn’t matter if you are rich or if you are poor if you die without a will you will be classified as being passed away “intestate.” The question you should be asking your self is what will happen to my personal property? Each state handles this situation differently. Intestacy Laws vary from state to state, but these laws help determine who the government will determine who will be your heirs.
Here is what could happen if you die without securing a will:
If you die single with no kids
If you pass and you have no kids the state will pass on your estate to your parents if they survive, If you have brothers and sisters your estate could be divided amongst them as well.
If you do not have surviving parents nor siblings the state will pass your estate down to family members and it will be divided.
If you die single with kids
If your kids survive you, your estate will be passed up and divided amongst your kids, or grandkids.
If you're married with kids
Your estate will go to your spouse. Be careful as if you are just common law married each state handles this separately but you have had the property designated as “separate property” (pretty much meaning you had an asset before your marriage, the state could split your estate between your spouse, your parents, and your siblings
If you're married with kids
If your spouse survives you and your kids they could inherit your entire estate, but if you have kids from a previous relationship your estate could be divided up between all parties.
If a domestic partner survives you
This is not clear between all states as some states do not recognize domestic partnerships.
Having a will is your last testament, It is your wishes. If you have an idea of how you want your estate to be passed on it is very important to have a will in place. I have a childhood friend whom I grew up with in my hometown. His grandma raised him and as we entered our adulthood she passed away. My best friend and his dad thought they were going to keep the house, but unfortunately, they received a letter telling them they were going to lose the house due to his grandmother not having a will in place. Some of her estates got divided up and went to previous family marriage members. That was devastating to go through as they were still in mourning at that time. My wife and I had our will created back when we decided to raise a family. I was 24 years old and we established a will before our first child was born. It is also good practice to revisit those wills as our family grew we went back and added our kids to our will and as our assets grew we went back and made respected changes to our will. Remember your will is a living document. As do seasons change so do situations and things in our life change. It is your responsibility to make sure you secure a will for you and your family. It is a good feeling to know that if there are unfortunate turns of events for you and your loved ones you can be rest assure that your estate will be handled and taken care of as you wish and planned. If you live in the greater Austin area I can help you establish a will for you and your family. Half of America does not have a will in place. Do not become a statistic secure your families future so that when you pass away your estate is not at the hands of the government.
Rene Gonzales
Senior Representative
c. 512-568-7203
e. Rene.Gonzales@Primerica.comd
www.Primerica.com/ReneGonzales
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