Contrary to many people’s belief, your assets will not necessarily pass to the state if you don’t have a Will. In all likelihood, Washington State’s laws of intestacy will apply to pass assets to your heirs. Only if you have no heirs to receive your estate would your assets go to the State of Washington. In most circumstances an heir can be found. I was recently involved in a matter where much of the estate went to heirs located in Europe that the testator had never met. There are many reasons, however, why you might want to avoid this situation. If you want to make sure people you have never met do not receive your assets, a Will is very beneficial. Further, the intestacy laws will not help if you want a specific person to receive a specific asset, nor will they address estate tax or long term care issues; and intestacy laws cannot ensure your minor children are taken care of by the person you desire. Those issues can only be addressed through a detailed estate plan captured in a Will, trust or both.
Sorry, comments are closed for this post.