By Steven Muller
Many people believe that when they die, their personal belongings and all of their worldly possessions will automatically go to their next of kin - even if they don't have a will. Unfortunately, they're wrong. In fact, if an individual dies intestate (without a will) the probate courts will determine how to distribute that person's assets. And although the court system may ultimately decide to distribute the individual's assets in a manner that is consistent with the deceased's wishes, there is no guarantee that this will occur.
There are other downsides to the probate process (and dying without a will) as well. For example, it could take many weeks or months for the courts to compile an accurate list of an individual's assets. It could also take a prolonged period of time to identify and locate potential beneficiaries. Unfortunately, until this process is complete, money may not be distributed, even to legitimate and known beneficiaries!
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