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Estate planning is essential for ensuring that your assets are distributed according to your wishes after your death. However, if you die without a valid will, you are considered to have died intestate. This situation can lead to complications and uncertainty for your loved ones. Here are six important things to know about intestate succession.
1. Definition of Intestate
Intestate refers to the condition of an estate when a person dies without a valid will. In this case, the distribution of the deceased’s assets is governed by state intestacy laws rather than by the deceased’s personal wishes. Each state has its own set of rules that dictate how the estate is divided among surviving relatives.
2. Hierarchy of Heirs
When someone dies intestate, the estate is distributed to heirs based on a legal hierarchy:
- Spouse and Children: In most states, the surviving spouse and children are given priority. The spouse may receive the entire estate or a significant portion, with the remainder divided among the children.
- Parents and Siblings: If there is no surviving spouse or children, the estate typically passes to the deceased’s parents. If the parents are not alive, the estate goes to siblings.
- Extended Family: If there are no immediate family members, more distant relatives such as grandparents, aunts, uncles, and cousins may inherit the estate.
- State: If no relatives can be found, the estate may ultimately escheat, or revert, to the state.
3. State Variations
Intestate succession laws vary significantly from state to state. Factors such as the presence of half-siblings, stepchildren, or adopted children can affect how an estate is divided. It’s important to understand the specific laws in your state or consult with an estate planning attorney to ensure clarity.
4. Impact on Minor Children
Dying intestate can create complications for minor children. Without a will to designate a guardian, the court must appoint a guardian for the children. This decision is based on the court’s assessment of what is in the best interests of the children, which may not align with the deceased’s wishes.
5. Unmarried and Cohabiting Partners
Intestate succession laws typically do not recognize unmarried or cohabiting partners as heirs, regardless of the length or significance of the relationship. This means that a surviving partner may not inherit any portion of the estate unless the deceased had a valid will naming them as a beneficiary.
6. Avoiding Intestate Succession
To avoid the complications of intestate succession, it is crucial to have a valid will in place. A will allows you to:
- Direct Asset Distribution: Specify exactly how you want your assets to be distributed and to whom.
- Appoint Guardians: Name guardians for minor children, ensuring they are cared for by individuals you trust.
- Reduce Conflicts: Minimize the potential for disputes among family members by clearly outlining your wishes.
