Without a will, it could take years to estimate Prince’s estate – StarTribune.com
Prince’s death illustrates importance of having a will
http://www.chicagotribune.com/business/ct-marksjarvis-prince-wills-0501-biz-20160429-column.html
http://www.huffingtonpost.com/entry/7-nasty-things-that-could-happen-if-you-die-without-a-will_us_5731f3a5e4b016f37897005b?slideshow=true
When you die without a will it will not effect you but it could leave an expensive mess for your survivors.
Prince who is worth an extimated 300 million recently died reportedly without a will.
In recent days a person claiming to be his son has surfaced, his siter has opened a court action to take control of his assets and a second person is claimg to be an heir.
Let’s take a look at what happens if you die without a will.
The most important thing that happens if you die without a will is that control of your assets and where they go may not happen the way you would have done it. It you spent your liffe accumalating and managing your assets, wouldn’t you want them to go where you want instead of where the law says they go.
Depending on the asset not having a will may not matter.
Assets like:
life insurance
bank and financial accouts
assets owned with other people
property in a trust
retirmene funds such as IRA’s and 401(k) plans
assets (like bank accounts)that can be designated to be payable-on-death (POD)
assets (real estate, stocks and other securities and vehicles) that can be designated to be transferable-on-death (TOD)
The documents that show title or ownership or that where signed to creat an account will contain language indicating who becomes the owner when you die.
Any property that is owned by you alone and is not part of the assets about, then goes to whoever is enttiled to inerit from you.
Inorder to obtain legal ownership an action or actions will have to be filed in a court.
Issues that arise without a will once you realize there are assets that need to be dealt with are:
Who is in charge?
Who gets what?
This could be complicated if the deceased was married but a divorce proceeding was in progress, the decesased never was formally marrried but lived in a state that recognizes common lasw mariage,
Same sex marriages if the deceased lived in a state that does not recognize same sex arriages.
If this weren’t enough people you reallylove and care for may be completely shut out.
step-children, foster children, adults that you support but are not entitled to inherit, you may love your pets but will whoever inherits from you even want to take care of them.
Minor children will need to have a guardian and a will is the typical place a court looks for guidance on who you think is best to be their guardian.
Normal intestate succession is
spouses or domestic partners who have complied with any registration reguirements
children
other blood relatives
people typically left out
unmarried partners, friends, people you care about more than others who do inhereit
assets for disabled or special needs people may not be sufficient to care for the loved on if your assets go other paces you did not intend.
Assets may never be found.