Want to be buried in your favorite car? Or maybe you prefer to be preserved as an upright sitting mummy and kept on display at your alma mater? And how do you want your assets to be dispersed? Want to leave the fortune of your life to a precious dog or have divvied and distributed to foreigners? Or maybe after you passed, you would have a single red rose delivered daily to your surviving spouse, the way Jack Benny did? All these bizarre willingness applications and many others have been stipulated in wills at one time or another.
Whether your postmortem wishes are very exotic or purely pedestrians, they are not likely to happen unless you take proactive steps to ensure they do - and that requires the filing of a will and updating. Making a will is an important part of the financial planning process.
" Dying intestate " is the common term for die without a will. When this happens, decisions about the disposition of your assets by default with the applicable law of the State, which may or may not be in accordance with your preferences. Dying intestate could also give rise to a dispute between your potential heirs or a delay in being dispersed assets to your heirs. The CCH Financial Planning Toolkit adds some important considerations:
"The bad thing about dying intestate (other than death, of course) is that the default rules a state may not go far enough to meet the distribution of the deceased wishes. for example, although the surviving spouse is usually first in line to inherit the spouse may end up having to share the estate with ' other relatives of the deceased. also, if a person is not on the list of potential heirs, then he or she is out of luck (which may result in the exclusion of a "life partner," friend always, or charitable organization preferred). the latest outrage is that if there are no relatives identified during the approval, the State bears the deceased's assets have spent a lifetime acquiring. "
you can learn what is likely to happen to your assets should you die without a will by checking this map inheritance laws intestate for all 50 states.
It is important to note that the will is not the be all and end all to ensure the dispersion of your assets according to your wishes. The distribution of a large number of your financial assets - such as life insurance policies or 401K and IRA accounts - would be governed by that you named as the beneficiary. It is extremely important for you to keep your day to beneficiaries because the circumstances of life change. You may or may not be happy if your former spouse inherits your life insurance policy, but if you did not change the designated beneficiary, that could happen.
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