FROM MIKE’S DESK
What Happens if I Die Without a Will?
“I’m married, so I don’t need a Will, right?” Wrong.
Many people avoid preparing a Will because they think that their spouse will automatically receive everything. That isn’t quite how it works, and this misconception can bring unexpected consequences. Let’s dive into the importance of having a Will and the consequences of not having one.
What Is Intestate Succession?
Dying without a Will triggers what is known as Intestate Succession. When you die intestate, the disposition of most of your property is controlled by the Pennsylvania Law of Intestate Succession.
Put simply: if you have not prepared a Will dictating where you want your property to go after your death, then the Commonwealth of Pennsylvania has protocols in place to determine how it is allocated.
What About Beneficiaries?
Pennsylvania law lays out a pecking order of who receives your property based upon their relationship with you. This does not apply to property with beneficiary designations, in which case how the property is titled controls where it goes. If you have a life insurance policy or retirement plan, the beneficiaries that you designated control those assets. If you have a joint bank account, the other titled owner will receive it.
The Key: Preparing (and Updating) Your Will
Comprehensive estate planning entails more than simply updating your Will, as people’s circumstances often change. Rather, beneficiary clauses and title to assets need to be reviewed and possibly changed to ensure a disposition of your property as you intend.
When you neglect to do so, situations can go from sad to scary. I have had to deliver the awful news to grieving clients that, because their spouse had no Will, the estate does not go entirely to them. And I can recall the fear in their faces, wondering how they would make ends meet.
NEED HELP PREPARING YOUR FINAL WISHES?
Having an updated Will in place can help avoid this type of scenario from occurring and help to ensure your wishes and desires are memorialized. If you need legal assistance preparing or updating your Will, please do not hesitate to contact me.
Michael Frisbie
Frisbie Legal Solutions
169 N. Broad Street
Doylestown, PA 18901
267-899-1776
267-899-1775 (FAX)
michael@frisbielegalsolutions.com
Frisbie Legal Solutions, PLLC, is a registered professional limited liability company in Pennsylvania. The information on this website is designed for general informational purposes only. Frisbie Legal Solutions provides legal services and advice to clients only after an attorney-client relationship has been formed through a written agreement. The information presented should not be construed to be formal legal advice nor the formation of an attorney-client relationship. Any communications sent through this website are not privileged and confidential.