What Happens When
People Depart Without A Last Will
There are over a dozen reasons why about an estimated 50% of people between the age group of 55 to 65 don’t have a will. This increases the risk of passing away without legally dividing any asset / property owned by the concerned individual in a way that he / she would have wanted. In cases where a person dies with the absence of properly filled last will and testament forms or any document as such, the laws of intestacy come into effect.
Under the laws of intestacy, the court decides upon the division of the property / assets of the deceased in a way that is commonly preferred. Say for example, if the deceased is survived by his wife and children, the court of law may decide on giving one half of the assets based on its valuation to the spouse and the other half to be divided equally between the children.
If you take a look at last will and testament samples that are available in top online legal platforms, there are comprehensive sections that assist individuals in deciding upon the division of their assets in case they are divorced and remarried with children from both sides or remarried after the demise of the ex-spouse with children from the previous marriage. Creating a will of one’s own can help in customising how much of the property / asset will be granted to the surviving beneficiaries. However, if the individual dies without a will, the court may grant equal parts to all.
Things though can get a little difficult if an individual who is survived by a minor passes without a will. Here the court appoints a trustee from among close family / friends of the deceased to shoulder the funds till the true beneficiary is of a legal age and capacity to take possession of the same. The flipside here is that the trustee chosen by the court may not have been otherwise approved by the concerned individual if he / she was alive. Please visit this site to get last will and testament in Ohio.
To be on the safe side, it is best to make a living will and testament at the earliest especially if you have dependents like spouse and children. Free last will and testament templates are available very easily these days and they can be changed in due course of time as well.