What is Intestacy? Estate Planning Lawyer Definitions
We’re here for another edition of Estate Planning Lawyer Definitions.
As always, I’m your host, Christopher Small, and I’m excited to be here with you today. Let’s dive right in.
Let’s start with the legal definition:
Intestacy is the condition of the estate of a person who dies owning property whose value is greater than the sum of their enforceable debts and funeral expenses without having made a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the “intestate estate”.
Wow. Make sense to you?
Let’s try the real world definition.
If you die without a will you are “intestate.”
If you are intestate your stuff is divided according to the rules of intestacy (the court decides where your stuff goes based on a very old, very broken formula that is probably not close to what you would have done if you created a will before you died).
You do not want to enter into intestacy.
P.S. After helping dozens of families set themselves up for an awesome life and an amazing legacy, I can tell you if you don’t have these 5 areas of your life covered right now you are exposing yourself and your family to a lot of heartache.
P.P.S. Figuring out where to start and taking the first step is the hardest part of creating your family wealth plan. Here’s my best advice on where to start and how to take the first step (without needing an estate planning lawyer).
Who am I? I’m a Kirkland estate planning attorney who enjoys helping people get rich and live forever. This isn’t a job for me, it’s actually something I enjoy. And it’s my pleasure to share this stuff with you.
Originally published at richlifelawyer.com.