When you write a will, you are making a plan for your assets and ensuring that everything gets passed on to the right people. When you pass away and there’s no will to work with, then the state gets to decide what happens to your assets when they go through the probate process. Let’s talk about what you can expect and why talking to a Des Moines wills lawyer is probably a better option.
Do All Assets Have to Go Through Probate When There is No Will?
Many of your assets will have to go through probate if there is no will written. Some items that may pass onto others outside of this process include:
- Properties where another person’s name (i.e. your spouse’s) appears on the deed
- Life insurance policies with named beneficiaries
- Any bank or retirement account with a named beneficiary
- Vehicles or real estate with “transfer on death” deeds or registration
Any assets in a living trust are usually not handled by the probate process. However, if someone has no will, they probably haven’t gone to the effort of setting up and funding a trust.
Can the State Take My Assets If There is No Will?
The state doesn’t just jump in and take everything that you have just because there is no will. Instead, the probate court would follow intestacy laws and make an effort to find any related heir, even a distant relative.
Your children and your spouse would get first priority. If your spouse is alive, they will inherit everything. If your children are alive and your spouse is not, then your children would get everything. If you have children from another relationship and your spouse is still alive, then your spouse will receive half of your real estate and personal property while your children get the rest.
If you do not have descendants or a living spouse, then the court starts to look for other relatives. Surviving parents and siblings would be next on the list. Then more distant family members like grandparents, uncles, nieces, or cousins could end up inheriting your estate.
Should I Talk to a Lawyer About an Estate Plan?
How the state splits up your assets may differ greatly from how you would have done it. What if you wanted to leave assets for a friend or charity? What if you planned to disinherit a child due to a falling out? The probate court won’t know what you were planning if there was no will, so it’s just going to follow intestate succession laws regardless of your relationships and circumstances.
Contact Our Law Firm
So if you would rather stay in control of your assets and what happens to them, you need to talk to an estate planning attorney. Contact Herting Law, PLLC to schedule a consultation with our team today.