The Dangers of Dying Intestate
July 6, 2011 By Frank & Kraft, Attorneys at Law
Many people think that wills are only for the rich. I do not have a lot of property, why should I worry about having a will. Some people just do not like to think about dying and drafting a will seems morbid. If you do not execute a will before you die, you die intestate. Dying intestate means that what property you have will be divided among your remaining relatives by the laws of intestate succession.
The laws of intestate succession are those statutes in each state that determine how your property at your death is divided between whatever family you have left. Think of it this way, you are an only child, with a great baseball card collection, which you swore your hated cousin Stanley would never have. Die without a will or intestate and cousin Stanley may be laughing all the way to the collectibles store.
You can also die intestate even if you have a will. This situation can occur if you fail to update your will at regular intervals. Any property you own at your death that is not covered in your will, is distributed by the intestate laws. Avoid being intestate by checking your will to see if it needs updating as major events occur in your life.
Examples of major events are:
• Birth of a child;
• Death of a parent;
• Purchasing or selling property;
• Receiving an inheritance; and
• Changes of employment.
Finally, if none of this encourages you to have a will to avoid dying intestate, think about this. If you die intestate and there are no relatives entitled to your property according to the intestate laws, your property could end up going to the state in which you reside at your death. The state has taken enough of your money while you were alive, do not hand it to them when you are dead.
ABOUT THE AUTHOR: Paul Kraft
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN.
Copyright Frank & Kraft, Attorneys at Law
More information about Frank & Kraft, Attorneys at Law
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
You can also die intestate even if you have a will. This situation can occur if you fail to update your will at regular intervals. Any property you own at your death that is not covered in your will, is distributed by the intestate laws. Avoid being intestate by checking your will to see if it needs updating as major events occur in your life.
Examples of major events are:
• Birth of a child;
• Death of a parent;
• Purchasing or selling property;
• Receiving an inheritance; and
• Changes of employment.
Finally, if none of this encourages you to have a will to avoid dying intestate, think about this. If you die intestate and there are no relatives entitled to your property according to the intestate laws, your property could end up going to the state in which you reside at your death. The state has taken enough of your money while you were alive, do not hand it to them when you are dead.
ABOUT THE AUTHOR: Paul Kraft
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN.
Copyright Frank & Kraft, Attorneys at Law
More information about Frank & Kraft, Attorneys at Law
View all articles published by Frank & Kraft, Attorneys at Law
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
