A will is a crucial legal document that states what happens to a person’s assets after they pass away. After a person dies, typically, their will is submitted to probate court and their assets are distributed to their beneficiaries. However, when a person dies without a will, it can create issues for beneficiaries.
Just under a third of Americans have a will when they die. When a person dies without a will, it is called intestate. Here is what you should know about intestacy and how this affects your loved ones:
How dying intestate impacts loved ones
A local probate court typically decides what happens to a deceased’s estate after they pass away without a will. When a person passes away with a will, an executor is usually responsible for managing the estate. However, during intestacy, the probate court can assign an administrator to manage an estate.
The personal representative (executor) is responsible for locating any heirs and distributing assets according to intestate succession laws. In Maryland, assets are inherited by any surviving spouse and descendants (children and grandchildren), if there are any. If there’s no spouse or descendants, any surviving parents would inherit the estate. The line of succession would continue on down to more distant blood relatives. People the deceased barely knew could end up inheriting their assets if there’s no valid will in place.
How assets are distributed is not the only issue that can happen as a result of intestacy. An estate may be subject to probate without a will, which can delay the distribution of the estate. An estate may also be heavily taxed, which can reduce the size of the estate. It can benefit you and your loved ones to get experienced estate planning guidance to protect your legacy.
