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Money Management

Why You Need A Will

They always say “where there’s a will, there’s a way!” But Aretha Franklin passed away without ever writing a will, leaving her $70 million net worth up in the air. It got a lot of people asking themselves “What will happen if I die without a will?” We’re here to answer that to give you the reasons why you should always be prepared for the unexpected.

Laws vary by the state that you live in, but if you pass away without creating a will or dispersing your assets, here’s most likely where your possessions and money are going:

-Single, No Kids-
Your parents will split your assets, or if you’re parents have also passed, then the rest will be split between your siblings by default.

-Single, With Children
Your kids and grandkids will evenly get your assets split by default, so nothing goes to any of your other family members.

-Married, No Kids
Everything goes to your spouse, with an exception. If you have anything labeled “separate property,” that will end up splitting between your spouse, parents, and siblings, as it was owned property before you got married.

-Married, With Kids-
Your spouse claims your entire estate, which can then be dispersed as he/she pleases.

So if you fall into any of these four categories and don’t like the default outcome, make sure to properly write and plan a will, just in case.

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