Have you ever asked yourself, “who gets my assets when I die?” It’s a great question. With preparation, you get to make all the decisions.
After you die, your will determines who receives your assets. A will is a legal document that specifies who will inherit your assets after you die. Without a will, things change. The laws of intestacy, which vary from state to state, take precedence and your assets may not go to your loved ones.
Factors that will determine who gets your assets when you die:
- Your marital status: If married, your spouse will typically inherit the majority of your assets. However, if you have a will, you can specify a different beneficiary for your assets.
- Your children: Typically inherit your assets after your spouse. However, if you have a will, you can specify a different beneficiary for your assets.
- Your other relatives: Without a spouse or children, your assets typically distribute to other relatives, such as your parents, siblings, or grandchildren.
Make sure that your assets are distributed the way you want them to be when you die:
- Create a will: A will is the best way to ensure that your assets are distributed according to your wishes.
- Update your will regularly: Your will should be updated whenever there is a major change in your life, such as getting married, divorced, or having children.
- Choose the right beneficiaries: When you create your will, you need to choose beneficiaries who you trust to manage your assets and distribute them to your loved ones.
- Review your will with an attorney: It’s important to review your will with an attorney to make sure that it is valid and enforceable.
By taking these steps, you can ensure that your assets are distributed the way you want them to be when you die.
Additional things to keep in mind when planning for the distribution of your assets after death:
- Consider your tax situation. The way you distribute your assets can have a significant impact on your estate taxes.
- Be aware of the costs of probate. Probate is the legal process of administering a deceased person’s estate. The costs of probate can vary depending on the size and complexity of the estate.
- Make sure your beneficiaries are aware of your wishes. It’s important to let your beneficiaries know what you want them to do with your assets after you die.
In planning ahead, you ensure that your assets distribute to the people you want to have them. In addition, you know that your loved ones are taken care of.