“DON’T WORRY. THE GOVERNMENT WILL TAKE CARE OF IT”
Updated: Oct 17, 2018
This headline, from a recent publication from the OHSU & Dornbecher Foundations, caught my eye.
Did you know that the government has a will plan already made up for you if you don’t do one yourself? Each state does this because so many people don’t get around to making up their will plans. It’s called the law of “intestate succession,” meaning who gets what if you die “intestate” or without a will.
For example, in general:
• If you die with children of one spouse, all will go to that spouse.
• If you die married but with children of a previous spouse, one-half will go to your spouse and one-half to your children of the previous spouse.
• Nothing will go to any person outside your family.
• Your relatives blood relation to you will determine their share of your estate.
If you don’t yet have a will plan made up, you are not alone. As many as 65% of adult Americans don’t have a will in place. We recommend a portfolio of three documents we like to call your “legal survival kit.” It consists of a financial power of attorney, an advance directive for health care, and of course a will, or a revocable living trust to avoid probate. Doing a little advance planning reduces estate settlement costs, gives someone you trust decision making authority if you are incapable or simply traveling in Rome and need documents signed, or directing medical care at the end of your life. A carefully prepared estate plan can save your survivors headaches, heartaches and expense.
Give one of us a call and we can talk it through with you.
The Pixton Law Group