Most people are aware that estate planning is important, but it is also important to understand what will happen if you do not have a comprehensive estate plan. Thousands of people across the country die without a will each year, and this causes many complications.
Dying without a will is known as intestacy. if you happen to die intestacy, there are many roadblocks that will appear for your loved ones as a result. According to FindLaw, if you happen to die intestacy, your estate will be subject to the 1990 Uniform Probate Code in the majority of states.
What is the 1990 Uniform Probate Code?
There is a great amount of difference between states how the 1990 Uniform Probate Code is put into effect, but generally speaking the idea behind this code is to distribute an individual’s estate in a way that is considered “most common.”
Essentially, this means that if you happen to have a surviving spouse, that spouse will probably get the majority of your estate, particularly if there are no surviving parents or descendants. If there is no living spouse, the next in line are any surviving children. Parents tend to be third in line.
What are the disadvantages of dying intestate?
One of the most prominent disadvantages is that your estate will not be divided along the lines that you wish. Just because the 1990 Uniform Probate Code tries to do what is most common does not necessarily mean it will fall along the lines of your wishes. It is also important to understand that the 1990 Uniform Probate Code will not account for things like need.
Creating an estate plan can prevent a lot of strife within your family after your passing.