intestate

Dying without a Will is known as dying intestate. In this case, each State has its own rules for how your estate will be distributed and it is highly unlikely to match your intentions. Contrary to most misconceptions, the estate usually does not automatically pass to your spouse. In general, there is never a good reason for dying without a Will. It takes only about 20 minutes to create your Will, and this saves loved ones a great deal of stress and frustration.

The 4 critical people in your Last Will and Testament

You probably know that your Last Will and Testament is a description of how your estate will be distributed after you have passed away. It gives you an opportunity to recognize the people and organizations that have had an impact on your life and insures that your assets are distributed according to your wishes. But beyond the distribution of your assets, this article will highlight four key appointments that are made in your Will.

Your Executor (or Personal Representative)

This person has the responsibility to carry out the instructions in the Will and without a Will the Executor will be appointed by the courts. It’s a difficult appointment to make because you need to find somebody with the organizational skills to collect your assets, file your taxes and provide reports to the beneficiaries.

The Executor has to of course be trustworthy, Continue reading →