A lot of us haven’t taken the time to create a will yet. So what happens to all our assets when we die?
When we die without a will, it’s called dying intestate, which basically means the government has pre-decided how your assets will be split up.
If you are not married and don’t have kids – your assets will go to your parents. If your parents are deceased, your assets will be shared equally by your siblings. If you don’t have any surviving relatives, your assets will go to the state.
If you are married but don’t have kids, then 1 of 3 options will take place:
1) your spouse will get everything
2) your spouse will get a portion and your parents and siblings will get a portion
3) your spouse gets all your personal property (car, furniture, etc.) but has to share real property (house, condo, etc.) with your parents and siblings
If you are married with kids – your spouse will get 1/3 while your kids share the remaining 2/3 equally. If you only have one kid, then 1/2 goes to your spouse and 1/2 goes to your kid.
We should all have a valid will at some point but if you don’t like the way the government plans on splitting up your assets, you should probably get one sooner rather than later!