Some people have very thorough estate plans. Those with sizable personal holdings, people struggling with medical conditions and older adults preparing for retirement may draft a variety of documents to protect themselves and their loved ones.
Others may intend to create at least a will but may find excuses to procrastinate. They put off drafting documents because they assume that their circumstances may change or that the law should protect their loved ones should the worst-case scenario occur. The unfortunate truth is that quite a few people with valuable property and dependent family members die without a valid will on record.
What happens when people die intestate or without a valid and enforceable will?
The law dictates intestate succession
Individuals who take the time to draft wills take control of their legacies. They get to determine who inherits from their estate and what property those people receive. They can even leave assets for charitable causes or establish a scholarship fund if they do not have any progeny or do not wish to leave an inheritance for their children.
Those who are estranged from their families and those who lack immediate family members are among those who benefit the most from the creation of a will. Intestate succession laws prioritize close family members, regardless of the state of the relationship they had with the decedent at the time of their passing.
The surviving spouse and children of the person who passes have the strongest rights of inheritance. They may divide the entire estate among themselves. Exactly how they do so depends on the nature of the relationship between the spouse and the children.
When someone has no spouse but they have surviving children, then their children are likely to inherit everything. Occasionally, parents can also inherit from an intestate estate. When there are no surviving immediate family members, then others, including siblings and their progeny, may inherit from the estate of the person who dies without a will. If there are no surviving family members to inherit, the state may eventually claim ownership of the assets that belong to the person who died.
Establishing a will allows a testator drafting the document to protect people that they care about and leave a meaningful legacy. Intestate succession laws are beneficial but may lead to the wrong people receiving the majority of the property from an individual’s estate when they die.