What happens if your loved one dies without making a will, known as intestate? According to your state’s intestacy laws, a probate court will oversee the distribution process of the decedent’s property. Also known as intestate succession, it has similarities to the probate process when a will is present. Still, the terms are not interchangeable—any […]
Should Each Child Receive the Same Inheritance? There are many situations in which equal division of assets among children is the obvious and right choice. Yet, in some families, each child receiving the same inheritance can be inappropriate, deplete the estate’s assets due to ensuing litigation, or cause other family issues after you are gone.
A will is legally binding when properly filled out, addressing who receives your assets and properties after you die. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your executor makes a public notice of your death, files your final taxes, and records your will in
Care.com’s annual estate planning survey for 2019 found that 57% of U.S. adults do not have a Last Will & Testament (a “Will”). The survey found that participants were more likely or less likely to have a Will depending on issues such as age, race, and education. For example, when broken down generationally, 66% of people aged
According to caring.com and despite the COVID-19 pandemic, overall percentages of older Americans without a will, in essence, remain the same. Remarkably, younger adults with a will show an increase of sixty-three percent comparative to pre-pandemic times. This 18 – 34 year old demographic is now sixteen percent more likely to have a will than those 35