What Happens to Property at Death?

 

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Although death is not something that most of us like to think about, the fact is that unless you're willing to face up to this unpleasant thought now, chances are that the people who you wish to receive your property after your passing will end up disappointed. Why? Because if you die without having made out a valid will, the state in which you live, and/or where the property is located, will have an idea about what should be done with it — and this idea may be radically different from what you have in mind.

Actually, there are many reasons why it is advisable for you to have a will, including:

• If you have no will, the state will distribute assets to your family using a predetermined formula.
• A will can distribute your assets to whom you want, rather than how your state will otherwise distribute your assets.
• Probate costs and delays associated with passing along your property to your chosen heirs can be minimized through lifetime planning.
• A guardian for your children may be chosen ahead of time.
• An executor to carry out your will may also be preselected.
• Income may be provided for your family during the period immediately following your death, while probate is occurring.
• A trust arrangement may require that a will be executed in order to completely fund the trust.