Many individuals think that wills are just for the abundant. I do not have a lot of property, why should I stress over having a will. Some people just do not like to consider dying and preparing a will appears morbid. If you do not perform a will before you die, you pass away intestate. Passing away intestate ways that what property you have will be divided among your remaining family members by the laws of intestate succession.
The laws of intestate succession are those statutes in each state that identify how your property at your death is divided in between whatever family you have actually left. Think about it in this manner, you are a just child, with an excellent baseball card collection, which you swore your disliked cousin Stanley would never have. Die without a will or intestate and cousin Stanley may be laughing all the way to the antiques shop.
You can also die intestate even if you have a will. This circumstance can take place if you fail to upgrade your will at regular intervals. Any property you own at your death that is not covered in your will, is dispersed by the intestate laws. Avoid being intestate by inspecting your will to see if it requires upgrading as major occasions take place in your life.
Examples of major occasions are:
u2022 Birth of a child;
Finally, if none of this encourages you to have a will to prevent passing away intestate, think of this. If you die intestate and there are no loved ones entitled to your property according to the intestate laws, your property could wind up going to the state in which you reside at your death. The state has taken enough of your money while you lived, do not hand it to them when you are dead.