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More Information on Wills and Intestate Succession

Intestate Succession

It is not uncommon for someone to pass intestate (which means with no will). Click on the links below for additional information about how the laws of intestate succession work in a few states:

DIY Estate Planning Mistake #9: Inadvertently Disinheriting the Love of Your Life

Who Inherits in Alaska if My Spouse Dies Without a Will

Who Inherits in Arizona if My Spouse Dies Without a Will

Who Inherits in California if My Spouse Dies Without a Will

Who Inherits in Colorado if My Spouse Dies Without a Will

Who Inherits in Oregon if My Spouse Dies Without a Will

Who Inherits in Tennessee if My Spouse Dies Without a Will

Non-Probate Transfers

Some types of property such as bank accounts and life insurance policy proceeds may be distributed to beneficiaries without a will according to who is named on the accounts.  However, do be aware of these dangers of using payable-on-death or transfer-on-death beneficiary designations:

DIY Estate Planning Mistake #3: Relying on Beneficiary Designations

DIY Estate Planning Mistake #6: Outright Distributions to All

Wills Do Not Cover Disability Planning

Wills only cover disposition of your estate at death.  For management of assets during lifetime, such as during a period of incapacity, you need quite a bit more, including Powers of Attorney and often one or more trusts.

 

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