Thursday, October 15, 2009

Intestacy Laws

By Shawn Chandok

Intestate death means you have died without ever written a will to designate your wealth and lifework. So the question we ask ourselves is what happens if we die and don’t write a will? Well the answer to this varies state by state. Most states begin with the spouse or children as the number 1 beneficiaries. If you do not have a spouse or kids, your parents will accumulate your wealth assuming they are still alive. If your parents are no longer alive either, then siblings are usually next in line, followed by nieces and nephews if you have no siblings. Intestate death can create many problems for the families because it gives the state the right to choose who inherits what. This also means your wealth can go to a sibling or family member whom you disliked.

Another problem with intestate deaths is that it doesn’t consider any friends. For example, if you die the state cannot, and will not name any of your friends as inheritors of your life work. Instead, if you have no close family, all your life work goes back to state in which you resigned. This is another HUGE reason why you should consider making a will as soon as possible.


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