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On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, June 1, 2018.

Whether you have a massive estate, including a house, investment accounts and other valuable possessions or you only have the equity in your home to your name, you should take the time to create a last will. Doing so provides you with control over how your assets get allocated when you die. It also provides peace of mind, because you know the people you care for the most will receive your assets.

You may think that you don’t necessarily need a last will to have your family members receive your assets. While that belief is correct, there are consequences you may not have considered to dying without a will in place.

For example, those who die without a will, also called dying intestate, will not have control over who receives what assets. The state of Arizona will decide how to disburse assets in probate court. Many factors will affect how the courts allocate your possessions and assets. Whether or not you are married, if you have children and if you have siblings will all play a part.

It’s also important to realize that if you die without a will, your estate must go through probate court. That can delay your heirs and family members from taking control of your assets. It can also cost a substantial amount, which will reduce how much your loved ones and heirs receive.

Instead of leaving those critical decisions up to the state, you should take the time now to create a last will or estate plan that protects your wishes and your family.

Source: FindLaw, “What Happens If You Die Without a Will?,” accessed June 01, 2018