A will is an important legal document that is part of an estate plan, which is used to decide how an estate should be managed. When an individual dies with a will, the estate is distributed according to the instructions left behind. Typically, this means that a designated executor is responsible for contacting beneficiaries and settling the estate. However, it is estimated that nearly two-thirds of Americans do not have an estate plan.
Without a valid will, because the will was never made, lost or incorrectly drafted, an individual would be considered to have died intestate. This means that there is no valid will and the decedent’s estate will be handled by a state probate court, which is a costly and lengthy process. Here is what you should know:
Intestacy is caused by the lack of a valid will
When the state probate court handles an estate, this means that instead of people chosen by the deceased inheriting the estate, the deceased will have no control over how their estate is handled. It will be distributed to family members in a specific order and ratio according to the closeness of their blood relationship to the deceased.
Individuals should consider making an estate plan if they wish to control how their estate is managed. There are certain things individuals can do to protect their estate from being divided as intestate, including making sure their will is valid and placing their will in a secure location.
Legal guidance can provide you with options to protect your estate and those you wish to benefit from it.