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 […]
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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. While the answers depend on your family
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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
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Why Having a Will Matters – and Why So Many People Don’t Have One Care.com’s 2019 estate planning survey revealed a surprising statistic: 57% of U.S. adults do not have a Last Will & Testament. The likelihood of having a Will varied by age, race, and education level. Generationally, 66% of adults age 65 and
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Settling an Estate in the Absence of a Will According to caring.com, the percentage of older Americans without a will has remained largely unchanged — even after the COVID-19 pandemic. Interestingly, younger adults (ages 18–34) are now 16% more likely to have a will than adults aged 35–54, with many citing the pandemic as their
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