National Make a Will Month

What happens if you don’t have a will?

Did you know that, according to a recent survey, roughly 76% of Americans do not have a will? Unless you have had a loved one pass away without a will, you may not be familiar with the legal process required in this scenario.

Dying without a will is referred to as dying “intestate.” At death, if a person dies intestate, a probate court will oversee the transfer the person’s property to the heirs. An “heir” is defined as “a person, including the surviving spouse or the state, that is entitled under the statutes of intestate succession to a decedent’s property.” The court may also appoint a personal representative for the estate and a guardian if there is a minor child. The primary benefit of having a will is to ensure that your wishes are honored and not left to the statutory scheme and court system to decide. Consider these compelling reasons to create a will:

• You are in charge of naming the individuals who will get your assets. Without a will, the state’s intestate succession laws will control the distribution of assets, and you may not like the results.
• The only way to make a charitable gift is by doing so in a will. The state’s intestate succession laws do not allow for charitable gifts.
• You have the opportunity to reduce expenses, conflict between your loved ones, and avoid judicial delays.
• Planning your estate can help avoid additional taxes. Although unlikely, the intestate succession rules may distribute assets to someone other than a surviving spouse and trigger an estate tax because of the inability to claim a marital deduction.

Making an estate plan does not have to be complicated. Contact us today at 248.477.6300 to start building a plan that works for you!