If you pass away with no will, a state court may decide who gets your assets and — if you have children — who will care for them.
There are some assets that pass outside of the will, including retirement accounts such as 401(k) plans and individual retirement accounts as well as life insurance policies.
A will is just one of several legal documents that experts recommend are in place to help your loved ones know what your wishes are if you cannot say so yourself.
The coronavirus may have you thinking more about your mortality. After all, what if…?
Pandemic or not, it’s important to consider what would happen to your bank accounts, your home, your belongings — i.e., everything you own — and, perhaps, your dependents, if you’re no longer here.
In other words, you should prepare a will if you don’t already have one.
In every jurisdiction, if there isn’t a valid will, assets will pass on to your heirs by law, who may or may not be who you would have provided for in a will,” said Samantha Weyrauch Davis, an estate planning attorney and director with the law firm Hall Estill in Tulsa, Oklahoma. “It also lets you name a guardian for children.”