It is important for everybody to have a will. Whether your estate is large or small, whether you are married or single, with or without children, do not shy away from making a will of your estate. A will alone can ensure that your property is distributed among the heirs of your choice, distributed the way you choose too, and at the time as you decided. Otherwise, the entire decision goes into the hands of the court who will then decide who gets what, and in what amount. You need to look through the following to know what would happen to your property if you die without making a will:
Laws of intestacy (i.e. Dying without a will) vary from state to state, but the laws related to distribution of property usually remains the same. The property distribution laws follow a specific fixed pattern in case you die without a will. And this pattern is largely dependent on whether you are married or not. It also takes into account the fact that whether or not you or your partner has any children.
What happens if you are single?
There is no question of complication if you are not married and die intestate without any children or are single with children.If you are single, and your parents are still alive, your property will be distributed between your parents as you are single and without any spouse or children. If you are not survived by your parents, your estate will go to your siblings, who may or may not pass the share on to your nephews or nieces.Also if you want your estate to go to a particular person, you have to mention it in your will by hiring a good wills and estate lawyer in order to avoid any miscommunication or confusion later on.
In another instance, if you are single with two kids, and die intestate, your property will be equally divided between your children. Even though this is the general rule, you have to mention in the will if you want to leave more money with either of your children. If you do not specify it in your will, your estate will be evenly split between the two kids.
What happens to your property if you are married?
If you die without a will when you are married or have a partner, it becomes an immensely complicated process. In case you are married and do not have any children, your surviving spouse may inherit all the property you have if you die intestate. In some cases, only a third or half of your property can go to your surviving spouse or partner while the rest of it goes to your parents. If your parents have passed away too, then this share would be evenly distributed among your siblings.
Now if you are married with children, your surviving spouse will get one third of your property while the rest of the property will be equally divided among your children.
Make sure your wishes are carried out
There is only one way to make sure your wishes are carried out – write a will and upgrade it from time to time. Whenever there is a major life change, either marriages, births, deaths, divorces, or interstate moves, review your will and make the required amendments.