What happens to your money when you die?
Death isn’t a topic that most of us want to think about but unfortunately it’s a fact of life, and what someone does during their life effects what happens to their property after they pass.
The death of a loved one is painful, but what can be even more painful is seeing those close to you being ripped apart due to arguments involving what happens to their estate. We have all witnessed the mental and financial tole a death can have on a family, despite this however approximately 55 percent of American adults do not have a will or other estate plan in place, according to LexisNexis.
So what happens to your money and property if you die without a will?
Dying without a will, also known as a dying ‘intestate’, gives your local government the final decision on how your wealth is distributed. When you are a married all property will be given to your spouse. However if you happen to be single, unmarried, or sibling less, things get a little more complicated. Each state has its own rules and regulations when it comes to what happens with a deceased persons property. Your assets go into what’s called “probate” – an expensive and drawn out legal process which determines who inherits your estate, and can take anywhere from a few months to a few years, depending on how complicated the estate is.
It doesn’t have to be this complex however, you have the ability to create legally binding documents that very specifically can determine where you or a loved ones assets can go.
A sure fire way of protecting your assets is to enroll the help of a legal professional, At Nutt Law Office, we’re here to help you make decisions with your family and wishes in mind. We can help you figure out which assets go where, as well as how they will be transferred.
Our Louisville, Kentucky, law firm has decades of experience properly planning for end-of-life decisions to make sure your family remains financially and emotionally stable and responsible. We’ll work closely with you to make sure all your needs and wishes are met, as well as help explain the pros and cons of each option you can make. Not only that, we aim to make sure your will is completed properly and within the required parameters.
Contact Nutt Law Office to schedule your free initial consultation and begin planning your estate today. It’s never too early to start planning.
Here are few great resources we’ve found to use when you begin considering estate planning:
The ultimate guide to retiring