When you die without a valid will, you are said to have died "intestate." In this scenario, you forfeit the right to decide who receives your property and who raises your children. Instead, the state’s default laws and a probate judge will make these decisions for you.

Property Distribution by Statutory Formula

Your assets will be distributed based on your state’s intestacy laws. Many assume everything automatically goes to a surviving spouse, but some states split assets between a spouse and children or other relatives. If no legal heirs can be located, your estate may eventually transfer (escheat) to the state government.

Guardianship of Minor Children

If no surviving parent is living, a court will appoint a personal guardian to raise your minor children. Without a will to guide them, a judge may appoint a relative or individual you would not have approved of. Furthermore, a financial guardian must be appointed to manage any inheritance for the child, requiring annual court accountings that add time and expense.

The Probate Process

An intestate estate must go through probate, a public court process to transfer property to heirs. Without the instructions of a will, the process can become complicated, potentially locking up estate assets for 8 to 12 months. This delay can prevent your family from accessing the funds they need for immediate expenses.

Unnecessary Costs

Dying without a plan often leads to higher legal fees, bond premiums, and potential estate taxes that could have been avoided with simple planning. A will is a straightforward and cost-effective tool to ensure your wishes are followed and your family is spared unnecessary stress.