What Can Happen If You Don't Have A Will
Do I need a will? What are the benefits of a trust? What to do after the death of a loved one.
|
Stories |
Here is what happened to one young family: Karen and Bill just bought their dream house. Just one year later Bill died suddenly of a heart attack at age 41, leaving his wife, Karen with two small children, and no will. The estate amounted to almost $200,00, including a home, life insurance and some savings. This might have been enough for Karen if she had received the whole estate, but without the benefits of a will she didn't. To manage the children's half, she had to post a $100,000 bond. Karen had to pay filing, court and lawyer's fees. Money and time could have been saved, if Bill had left a will containing the simple sentence, "I leave my entire estate to my wife, Karen, and I make her my executrix, to serve without bond". Bill's case is far from unique. Many Americans die without a will. Most don't realize that if you die (without a will) the state has already decided exactly how your property will be distributed and who takes custody of your children.
|
© 2010 Information Plus Inc. All content included on this web site including, text, graphics, images and logo are the copyrighted work of Information Plus, other photographers, and Big Stock Photos and are protected by U.S and worldwide copyright laws and treaty provisions.
Disclaimer: We have tried to give you the most accurate information on the subject matter that we cover. However, the laws are constantly changing and the-information that we provide should not be a substitute for seeking expert advice. The publisher and author are not engaged in rendering legal service, accounting, or any other professional service. The information we have provided is primarily to give you an overview. There may be mistakes both typographical and in content. If you plan to create a living trust we strongly recommend you consult an attorney who specializes in this area.The author and Information Plus. shall not be held responsible, nor have liability to any person or entity concerning the loss or damage caused by the use of this information.