What Happens When You Die Without a Will?
Mark Colgan, the founding partner of Montage Wealth and author of The Survivor Assistance Handbook and Death's Red Tape, discusses what happens should you die without a will.
Key Takeaways
- Hire a trust and estate attorney rather than using online services—the extra cost is worth it because you only get one chance to set up your estate plan correctly, and attorneys know nuances you might miss.
- If you die without a will in New York, your surviving spouse keeps $50,000 plus half the assets while children split the remainder; courts then control how money is managed for minors, which may contradict your wishes.
- Unmarried couples have no legal protection—your long-term partner may receive nothing if you die intestate, with assets potentially going to relatives they don't have relationships with.
- Hold a family meeting to communicate who your attorney is, where documents are located, and your general wishes—this prevents family scrambling after your death and reduces confusion during an emotional time.
- Review your will after major life events (births, health scares, family changes) and annually at a family gathering like Thanksgiving; also coordinate your will with a financial planner to avoid unintended tax consequences from large IRAs or life insurance.
What Happens When You Die Without a Will? Mark Colgan, the founding partner of Montage Wealth and author of The Survivor Assistance Handbook and Death's Red Tape, discusses what happens should you die without a will. In the legal world, if you die without a will, it’s called dying “intestate.” A local probate court then has to decide how to distribute your property. Intestate, or Intestacy, is what happens to an estate in the case an individual dies before creating a Will. Every state has their own established intestate process that determines whether a person’s assets will be given to their spouse, children, parents or siblings. When someone dies without a Will, their assets are frozen until the court system combs through every detail of their estate. The court then applies its state intestacy laws to make a decision regarding where a person’s possessions will be allocated This process can be time-consuming and exhausting for the surviving family members — but is easily avoidable. Watch this finStream video to learn what happens if you die without a will and what you can do or click this link to see more videos on Estate Planning: https://www.finstream.tv/videos/estate-planning/
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