A will is a key document in an estate plan. A will allows a testator to decide how their estate is managed after they pass away. If a person passes away without writing a valid will, then they are said to have died intestate.
Intestacy can create many problems for family members and loved ones. Here is what happens if you pass away without a valid will:
How are assets distributed without a will?
A testator can include an executor of the estate in their will. An executor is responsible for distributing the testator’s estate to beneficiaries, including family and loved ones. An executor can be anyone of legal age that the testator trusts to manage their legacy.
If there is no will, a probate court may have to assign an administrator to an estate. An administrator is responsible for managing the deceased’s estate. However, an administrator typically does not follow the testator’s last wishes when distributing assets to heirs. Instead, an administrator follows state intestate succession laws.
Who inherits from an estate if there is no will?
If a testator writes a valid will, they can include family and loved ones as beneficiaries of the estate. Beneficiaries can inherit parts of an estate after the testator passes away.
If a person passes away, assets are typically distributed to heirs under California’s intestate succession laws. An heir can include a spouse, children, grandchildren, parents and extended family. There are several different ways assets are distributed depending on the number of heirs and their relationships to the deceased.
For example, if a testator had children but not a spouse, the children may inherit the entire estate. However, if a testator has a living spouse and children, the spouse inherits all of the community property and half of the separate property.
How can you protect against intestacy?
A will allows a testator to be specific about how their legacy is distributed. To protect your legacy from intestacy, you can reach out for professional legal guidance to learn more.