Discuss the advantages of making a will and the legal problems surrounding and intestacy?

Question

please reply soon as possible

Answer 1

If you have a will, your estate will be divided according to the terms of that will.

If you die without a will (intestate), the court will divide your assets according to state law. This means that if you wanted to leave everything to your spouse except for the autographed Babe Ruth baseball bat that was supposed to go to your nephew, it won't happen. Your state might give half to the surviving spouse and half to the children of the marriage.

My wife had an uncle (whom I had never met and she didn't know) but we received 1/3 of 1/9 of 1/3 of his estate because he died intestate and we were traced as survivors according to the law. It ended up being a check for $104, but it was something we wouldn't have otherwise received. Don't let that happen to your family, draw up a will.

Answer 2

The poster above me is absolutely correct. Intestate will send your entire estate into probate court. If relatives can be found, it will either be fought over or divided between them on a cash value.

A designated will defines who gets what. This is far better because it allows you to decide what tangible assets goes to whom as you see fit.

The main reason I am responding here, since I havent yet disagreed with the first poster, is to look into having a living trust done instead of a will.

A will still goes to probate court, which depending on the size of your estate and value, can tie it up for 3 to 5 years. A living trust bypasses probate court and makes the division of assets right away.

Any competant lawyer can draw up either a will or living trust for a minor fee. Discuss the pros and cons of a will versus a living trust with the attorney to see what suits your estate and wishes the best.

Regardless of choice, best of luck to you and I hope this can be useful to you