When You Do Nothing #estateplanning #assetprotectionplanning #trusts

17 Mar 2023 · 1 min

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1:00

In this short instructional video, the speaker warns viewers about the risks of dying without a will, known as intestate succession. He explains that when a person dies intestate, the local probate court determines how the deceased’s assets are divided, typically splitting them between a surviving spouse and children in many states. The speaker emphasizes that each state has its own intestacy laws and urges viewers to look up their specific statutes. He highlights that about 70% of people lack a will, which can lead to costly, lengthy legal battles for families who must both grieve and navigate the probate process. The overall message is a call to create a will to avoid these complications, noting that superstitions about wills affecting death are unfounded.

Chapters

Dying without a will. If you die without a will, what can your family expect? Just so happens I know. And since about 70% of you out there don't have a will, it's called intestate succession. And what it means is your local probate court is going to get to decide who in your family gets what. Why does the probate court get to decide these things? Because you didn't do it while you were alive. The real tragedy here is that you could be setting your family up for a long, expensive battle with the legal system over what they think you would have wanted. So not only do your family have to deal with the fact that you're dead and gone, they also have to deal with the fact that you didn't take care of this while you were alive. If you were married, most couples expect that everything they have will go to the surviving spouse. But if you die without a will and you had children, in most states, the probate court will split your stuff between your spouse and your children. Now, every state has different laws on this, so check yours. Google the name of your state plus intestate succession. Once you see how things get split up, if you have no will, you'll begin to understand the importance of doing it. For all you superstitious people out there, I have it on good authority that it will not bring about your demise any sooner.