It seems that you are always being told about the importance of having a Will, but you may not often be told why it is so important to have. When someone passes away and has failed to create a Will, their estate is divided among their “intestate heirs” which is based on the laws of the state in which you live. So, what’s the problem with this? Well, the results from intestacy laws may be different than what you would have wanted for your loved ones. Keep reading to find out other examples of what a Will helps to address and why it is important to have.
For individuals who have real estate in multiple states, who will get the property will be determined by the intestacy laws of the different states. The result of this could be property being owned by multiple beneficiaries.
What about your children? Well, if your spouse, or previous spouse, is still living then they will be chosen to take care of the children and manage their inheritance. But, if your child’s parent is also deceased, then a judge is left to determine who will care for the children and their inheritance.
Intestacy Laws vary by state. For example, in Florida if you are survived by a spouse and children, then your spouse will inherit 100% of your estate and children will inherit nothing. In the event that you have a child from a different spouse, the current spouse will receive half of the estate while the children are to split the other half. However, in Virginia, the current spouse would only receive a third of the estate and the children would split the remainder.
Mestayer Law Firm provides civil litigation for clients throughout the Gulf Coast area including Pascagoula, Biloxi, and Gulfport. If you are making plans for your estate, then contact us today and let us help take care of every detail of your finances. Call us today at 228-762-1193 or visit www.pascagoulalaw.com. We are your legal experts! You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi.
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This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors, or mistakes.