If You Die Without an Estate Plan
If you pass away without an estate plan, also known as dying intestate, the distribution of your assets and the handling of your affairs will be determined by the laws of your state. To avoid the many consequences that occur if you pass away without an estate plan, contact our Roseville, CA estate planning lawyer to establish an estate plan today. Additionally, if your loved one has passed away without an estate plan, our team can help you understand and work through the probate process. Here are some common outcomes that may occur if you have no estate plan:
- The Probate Process
Your estate will likely go through the probate process, which is the legal procedure for distributing assets and settling debts. The court will appoint an administrator to manage the process and make decisions on behalf of your estate. Probate can be time-consuming, expensive, and subject to court supervision.
- State Laws Determine Asset Distribution
Without a will or trust, your assets will be distributed according to the intestacy laws of your state. These laws vary, but typically assets will pass to your closest relatives, such as a spouse, children, or parents, in a predetermined order. If you have no living relatives, your assets may ultimately go to the state.
- Guardianship Is Determined for Minor Children
If you have minor children and have not designated a guardian in your estate plan, the court will determine who will take care of them. This decision may not align with your preferences, and it can cause family disputes or uncertainty for the children.
- There Are Potential Tax Consequences
The lack of estate planning may result in higher estate taxes or other tax implications that could have been minimized or avoided with proper planning.
- Healthcare and Financial Decisions Are Made
If you become incapacitated and have not established powers of attorney for healthcare and financial matters, the court may appoint someone to make these decisions on your behalf. This person may not align with your wishes or understand your values and preferences.
Contact Our Roseville Estate Planning Lawyer Today
Creating an estate plan is a complex process that involves navigating intricate legal frameworks and making decisions that have long-term implications. Our estate planning lawyer can help you ensure that your estate plan complies with state laws, provide personalized advice tailored to your unique family and financial situation, and help you update your estate plan as your life circumstances change.
An estate plan is more than a set of documents; it’s a strategic plan that ensures your legacy is preserved and your loved ones are cared for according to your wishes. At Yee Law Group, PC, we urge you to consider the peace of mind and security an estate plan can provide. If you’re contemplating beginning this process or have questions about your existing estate plan, don’t hesitate to reach out for professional guidance and support. Our team is ready to assist you today.