In estate planning, the term ‘intestate’ refers to a situation where an individual passes away without having a legally valid will or testament in place. When this happens, the distribution of their assets and properties is determined by the laws of intestate succession, which are specific to the state where the deceased was a resident.
Intestate succession laws are different from state to state. For instance, in some states, if any spouse and children survive the deceased, the spouse can have a portion of the estate, with the rest divided equally among the children. In other states, the spouse may inherit the entire estate. These laws generally outline a hierarchical order for determining which surviving family members, such as spouses, children, or other relatives, are entitled to inherit the deceased’s estate. These laws aim to distribute the assets in a manner the state deems fair and equitable, but it may not necessarily align with the deceased’s actual wishes or intentions.
Dying intestate can lead to complications and potential conflicts among surviving family members. The distribution of assets is determined by the state’s laws rather than the deceased’s explicit instructions. Moreover, the probate process for an intestate estate can be significantly more complex and time-consuming. This process involves the court appointing an administrator to manage the distribution of assets, which can further delay the resolution of the estate and potentially lead to disputes among family members.
To avoid the uncertainties and potential complications associated with intestate succession, it is crucial that individuals take control of their estate planning. Creating a legally valid will or trust as part of their comprehensive estate planning efforts ensures that their assets and property are distributed according to their specific wishes. This not only provides peace of mind but also gives them greater control over the distribution process, empowering them to make decisions that align with their values and priorities, a crucial aspect of estate planning.