Your Lazy Brother Gets the Yacht He’s Always Wanted.

In an earlier post in the HLO Series, I went into detail about what happens to children if you die without a will or trust and offered help to ensure your kids go where you want them to go. If you haven’t considered this, here’s a link to that post. Without a Will Your Kids are at Risk

But what about all your stuff?  All the assets you worked for and had specific preferences as to who would get what and why.

Who gets it, and why???

There are two important things to know before I show you the most common what-ifs:

First, if you don’t name your beneficiaries, individuals or organizations in a will or living trust, your non-beneficiary assets will pass by the law of intestacy.

Second, this means that if you die without a will, your preferences no longer matter.  The laws will determine who gets what and here are the six most common scenarios, and you’ll see they vary wildly.

• • If you die with children but no spouse:
    The children inherit everything.
  • If you die with spouse but no descendants:
    Your spouse inherits everything.

You may be thinking so far, so good, but trust me, this where things get … interesting.

• • If you die with spouse and descendants
    from you and that spouse:
    Your spouse inherits everything.

• • If you die with a spouse and at least one descendant
    from you and someone other than that spouse:
    Your spouse inherits ½ of your intestate property;
           Your descendants inherit everything else.
  • If you die with parents but no spouse or descendants:
    Your parents inherit everything.
  • If you die with siblings, but no spouse, descendants
    or parents:
    Your siblings inherit everything.

So, that lazy estranged brother of yours has a big, big payday. 

You know who I’m talking about.  The guy that already inherited money from your parents, didn’t deserve it, already blew it, and now owes you money.  That guy. Without a will or trust, if you’re not married and don’t have kids, he gets it. I wonder what he’ll blow it on this time.

To learn more, visit us online, reach out with an email, or fill out our online questionnaire Estate Planning Questionnaire.

Thanks for reading and all the best to you and yours.

Aaron

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