If you do not perform a will prior to you pass away, you die intestate. Dying intestate methods that what property you have actually will be divided among your staying loved ones by the laws of intestate succession.
The laws of intestate succession are those statutes in each state that figure out how your property at your death is divided between whatever family you have left. Consider it in this manner, you are an only child, with a great 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 method to the collectibles shop.
You can likewise pass away intestate even if you have a will. This scenario can occur 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 distributed by the intestate laws. Prevent being intestate by inspecting your will to see if it needs updating as significant occasions occur in your life.
Examples of major events are:
Birth of a child;
Finally, if none of this motivates you to have a will to prevent 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 might end up going to the state in which you reside at your death. The state has actually taken enough of your cash while you were alive, do not hand it to them when you are dead.