What Happens If You Die Without a Will?
A will gives you a say in what happens to your assets and who cares for your children after you die. Without one, state law and the courts make many of those decisions instead. Russ Rivera explains what that can mean for your family and why documenting your wishes is an important part of your financial plan.
Topics Discussed:
● What happens to your assets when you die without a will
● Why your spouse may not inherit everything
● A judge decides who cares for your minor children
● The extra time and cost of settling an estate intestate
● Putting a will in place is simpler than most people think
Transcript:
Hey everybody, I'm Russ Rivera, founder and president of Voice Wealth Management, and welcome back to this month's Sidewalk Talk. So, what happens if you dive without a bolt? I talked to a lot of people who figure if they don't have a will, nothing terrible happens, right? Life goes on. Maybe then they decide they'll get to it eventually.
Here's the thing. Something does happen. The state already has a formula written for what happens to your money and your stuff, and it doesn't ask what you would have wanted. If you're married with kids, your spouse might not get get everything. Your kids would get a share, too. Even if they're minors, and a court gets to decide who helps them manage it. If you have young children, a judge decides who gets to care for them.
None of this is fast, either. If you don't have a will, the time it takes to sort out your estate usually takes longer and costs more than if you did. And putting a will in place really isn't that difficult. It's really just you putting your decisions in writing so someone else doesn't have to make those decisions for you.
Once again, I'm Russ Rivera. If this got you thinking about your own plans, that's a good sign. We can help empower you to take care of some of these often today, then partner you with estate attorneys to help you figure out the rest. Visit us to learn more at www.voicewealth.com. Thanks for watching and we'll see you next
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.
