As early as now, you should think about writing your last will, especially if you have a large estate that you might leave to your loved ones behind. The lack of last will can ruin family relationships and cause a huge financial strain on the people you leave when you depart. It doesn’t take too much money and effort to prepare your will. All you have to do is to collect and gather all the documents about your properties and cash in the bank so that you can decide which part of them to leave to your loved ones.
You need to hire a trust attorney in Utah to ensure that the will is legally implementable. You also need to set an executioner of your will. The executioner should not be a party in your will. That avoids conflict of interest concerning the division of your estate.
So many families have been torn apart by money and estate problems. This is further heightened when someone they love passes away without leaving clear instructions on who would get the ancestral house, money in the bank, real estate properties, stock certificates, cars, and other properties of value.
When you pass away without making a last will, the laws in the state where you are will take effect on the division of your properties and estate. Real estate properties that are located in another state will be handled by the laws of that state. Typically, the law requires that your estate will be divided equally among the heirs that you have left behind. This includes your spouse and your children. Some laws even include your parents, grandparents, siblings, and other distant relatives. But if at the time of your death, you don’t have any immediate family members, all of your estate will be left to the state.
Married with Children
If you’re married and have kids and a living partner, all of your estate will be divided equally among them. Your legal spouse will get 50% of the shares, while your legal children will get the other 50%. If you have illegitimate children, they will get a percentage from your legal spouse’s part. Each property has different rules on how much an illegitimate child can get from a deceased parent.
Married Without Children
If you pass away without children, all of your estate will go to your spouse. If your partner is generous, they can share the estate with your parents and siblings.
Single with Children
If you signed their birth certificates, your illegitimate children get 100% of your estate. But some laws will also allow your parents and siblings to run after the estate that you left behind.
Single Without Children
If you’re single, all of your estate will go to your parents. It doesn’t matter if your parents are divorced or legally separated, they will get equal parts in shares. If only one parent is living, that parent will get 100% of your estate. No law requires them to share the estate with your siblings.
Single Without Living Parents
If you are single and have no living parents, all of your estate will be left to your siblings. Everything that you own will be equally partitioned to your siblings, even to your half-siblings. If your siblings don’t want anything to do with your estate, all that you have worked hard for will be left to your distant relatives. Your mother’s side will get 50% of the estate, while your father’s side will get the other half.
The best way to make sure that your money goes to the person you want is to hire a lawyer, write down the will, have it notarized, and entrust someone with its information. Make sure to store a copy of the last will in a safe place, preferably in a safety deposit box that will only be opened upon the time of your death. You can talk to lawyers, bank managers, funeral managers, and financial advisors on how best to handle your last will when you pass away.
