What Really Happens When You Die Without a Will?
About half of all Americans will die without a Will. What happens to their savings, their stuff, or the loved ones they leave behind? Watch this #WebinarWednesday replay with Estate Planning & Elder Law Attorney Bob Mannor to learn what really happens when you die without a Will- also referred to as dying intestate.
There is a lot of uncertainty around the subject of what happens to all your properties, savings, and bank accounts after you die. Although, it is believed that after you pass away all your inheritance will go directly towards your spouse and children. In many cases, that is further from the truth and may be more complicated than you think. Therefore, estate planning for real estate investors is critical. Mannor Law Group can help you plan for the future, so you don’t have to worry about the “what if’s.” Avoid wondering what happens when you die without a Will.
In theory, these are just some of the scenarios of what could happen to your assets and how they are distributed after you pass.
- If the deceased has children, but no spouse. The children will inherit everything equally.
- If there is a spouse, but no descendants or parents, the spouse will inherit everything.
- If there are existing children and spouse, in theory the spouse inherits the first $150,000, plus half of the assets. Then, descendants will inherit everything else.
- If the deceased has a spouse and at least one descendant and at least one descendant from another relationship, the spouse inherits the first $150,000 of your interstate property, plus half of the balance. The descendants inherit everything else.
- If the deceased has a spouse, but you have no children with them and children from a previous relationship. If you don’t have a will, the spouse will inherit the first $100,000 of your intestate property, plus half of the balance. Then, the children will inherit everything else.
- If there are existing parents and a spouse, the spouse will inherit the first $150,000 of your intestate property, plus three quarters of the balance. Then, the parents will inherit the last quarter.
- If the deceased only has parents and no existing spouse of descendants, the parents will inherit everything.
- In the case, where there are only existing siblings, but no spouse, descendants, or parents. The siblings will inherit everything.
Although, theoretically it is believed that your loved ones would receive all assets as an inheritance, intestate succession doesn’t cover everything. The law is far more complex than the results you may want. Estate planning will prevent future complications.
What happens if you have a beneficiary?
If you have a beneficiary, it will not follow the intestacy and your will. If you want to avoid probate, you will likely need a trust.
What is the best way to avoid probate?
According to Michigan laws, the best way to avoid probate will be through a trust created specifically for your wishes. This will be the best way to empower your loved ones to avoid the court and government involved in your estate properties.
At Mannor Law Group, we help you choose the best plan to make sure your loved ones are taken care of after you pass away. Estate planning is the best way to secure your assets and bring you and your loved one’s peace of mind.
Our Mannor Law Group Attorneys Are Here to Help
If you’re a Michigan resident who does not yet have a Will or a Trust or you would like our team to review the plan you currently have, contact our firm today. Let us make sure you and your family are taken care of according to your wishes.
Call 800-990-6030 or click here to schedule a call with our team.