Estate Planning During a Pandemic

Dying without a will is called dying intestate. When you die intestate, your estate is distributed according to state law, not according to your personal wishes. The probate court will appoint an administrator to manage your estate and distribute your assets, which can be time-consuming and expensive. Understanding what happens when you die without a will can help you appreciate the importance of creating one.

State Laws Govern Distribution

Each state has its own intestacy laws that determine how your assets are distributed if you die without a will. Generally, assets are distributed to your closest relatives, such as a surviving spouse, children, or parents. However, the specific rules vary by state, and the distribution may not align with your personal wishes.

For example, in Washington state, if you have a spouse and children, your spouse may receive half of your estate and your children may split the other half. If you would have preferred to leave everything to your spouse, you would have a problem. Without a will, your wishes don't matter.

Court Involvement and Legal Costs

When you die intestate, the probate court becomes involved in the distribution of your estate. The court appoints an administrator (similar to an executor) to manage the estate and distribute your assets. The administrator must follow the state's intestacy laws, even if that's not what you would have wanted.

The involvement of the probate court can result in additional legal costs and delays in the distribution of your assets to your beneficiaries. These costs can significantly reduce the amount your family receives.

No Guardian Designated for Minor Children

If you die intestate and have minor children, the probate court will appoint a guardian for your children. This may not be someone you would have chosen. Without a will designating a guardian, you have no say in who raises your children.

Your Assets May Not Go Where You Want

If you die intestate, your assets will be distributed according to state law, not your personal wishes. If you wanted to leave assets to a close friend or charitable organization, those wishes will not be honored. Your assets will go to your legal relatives, even if that's not what you would have wanted.

Business and Digital Assets

If you own a business or have significant digital assets, dying without a will can create problems. There may be no clear instruction on who should manage or inherit your business. Digital assets such as email accounts, social media accounts, and online banking accounts may be lost or inaccessible.

The Importance of Creating a Will

Creating a will is one of the most important things you can do for yourself and your family. A will allows you to:

Direct how your assets are distributed

Designate a guardian for your minor children

Designate an executor to manage your estate

Leave assets to friends or charitable organizations

Specify how you want your digital and business assets handled

Creating a will doesn't have to be complicated or expensive. At Orbitwills.com, you can create a comprehensive, legally binding will online in just a few minutes. Don't leave your family's future to chance. Create your will today and ensure that your wishes are carried out and your family is protected.