When you pass away without an estate plan, your family might have to deal with some very difficult situations. One of these is that your assets might not go where you want them to go. Your loved ones might not be able to have the support that they were counting on from you and that you wanted them to have.
If you die intestate, which means without a will, the state decides who gets what. This is based on the succession laws that are set up in California that determine what is going to happen.
One thing that you need to realize is that the probate process can drag on when you die intestate. This can mean that your loved ones are doing without for longer than what they would have had to if you had made an estate plan.
Another aspect of dying intestate that you should think about is that your loved ones might have to deal with a financial hit because of the probate process. This is something that could devastate them.
Typically, the order of succession is that your spouse and children come first. The way that this is determined depends on various factors, so there isn’t a guarantee. If you don’t have a wife or children, other relatives, such as your parents and others will come into the order.
You can save your loved ones from all of this uncertainty by making an estate plans. Use the tools, including the will and trust, to ensure that your wishes are followed and your loved ones are provided for when you aren’t here any longer.
Source: FindLaw, “Understanding Intestacy: If You Die Without an Estate Plan,” accessed Sep. 14, 2017