Irrespective of the property amount and worth, people get worried and even feel perplexed regarding the time of making a will. According to recent statistics, 60% of the population does not bother creating a will and dies without distributing the property appropriately. Professional lawyers even opine that irrespective of the profession, the risk of dying without creating a will is not a wise plan as it increases the chances of trouble regarding the property division.
It is a general tendency to push the thought of mortality out of the mind, despite knowing that we all have to die someday. Many people think that creating a will can leave them in distress and remind them of their mortality. However, the reality is the opposite. Creating a will offer us robust control over our lives and provides us relief that our nearest ones will not suffer after our death. Thus, hiring professional lawyers is essential to ensure the future of your descendants by making a will before death.
Probably you are thinking about what will happen if you die without a will. After all, your property will automatically go to your descendants. Well, the scenario is not so easy. Therefore, this blog has listed all the possibilities that can happen if you do not create a will before death.
The possibilities with the accumulated assets if you die without a will
Dying intestate offers the power to the state to determine who will receive the ownership of your property and who will become the personal representative of the dead person. If a person dies without leaving a will, the state follows the Succession Law to distribute the estate ownership.
So, if you wish to distribute your property in your way and offer a portion to someone outside your family, people will not follow your wish. According to professional lawyers, the estate without a will can get distributed in the following ways:
- If the dead person is married and the spouse is alive, they will receive the ownership of half the property.
- The surviving children of the dead person inherit equal shares of the other half of the accumulated assets.
- If you own a property jointly with someone following the rights of survivorship, dying without a will automatically lead to complete ownership of the entire property by another party.
- In case you die childless, the intestate condition provides the full inheritance of the property to your surviving spouse.
- If you die without having a surviving spouse and child, the Succession Law offers property inheritance to your grandchildren or parents.
Even if someone dies without creating a will and does not have close relatives, the state distributes the accumulated property to distant relatives. Thus, if you wish to not offer the ownership of your property to the persons with whom you are not emotionally attached, creating a will at the earliest is necessary.
End Takeaway If you have gone through the article and do not want to happen any of the incidents to your property, hiring a professional lawyer from Autrey Law Firm and creating a will are the primary task you need to do.