Who Will Inherit Your Estate?

24 June 2021 by Jonathan Phillips

You can make arrangements for your property to go to your loved ones, friends, or favorite charities after your death. Designating beneficiaries is an important part of making out a will. To find out more, read on.

The Need To Leave Directions

Many people don't realize how important it is to leave a will with instructions on how to disperse belongings. Some think they don't have enough property to merit a will or that their family will work things out on their own. However, this is not always the case. If you don't leave a will, probate will use the laws of the state to make some very important and personal decisions on your behalf. If you want to avoid letting the government make those decisions, create a will to address those matters.

Estate Property and Beneficiaries

The word estate can seem intimidating, but the legal definition of an estate is just what a deceased person owned at the time of their death. It's usually comprised of things like your homes, land, vehicles, bank and investment accounts, jewelry, art, cash, coins, collectibles, and pets.

There are a few rules about a spouse's right to inherit in some states, but you are free to leave what you want to who you want. That right extends to organizations and charities, loved ones, acquaintances, coworkers, and more. You also don't have to name each item of property. You can, for example, leave your entire estate to your children (if you were unmarried or widowed at the time of your death). For example, you can have your four children divide your estate into equal parts. In that case, it's up to your children to do the decision-making on who gets what.

Spouses Are Special

While probate laws vary from state to state, in most cases you cannot prevent a current living spouse from inheriting nothing. The protections may include recognizing the spouse by awarding them anywhere from one-half to one-third of the estate regardless of the way the will reads. Some states, though, do allow you to leave your current spouse nothing at all.

Children As Beneficiaries

Children under the age of 18 are not allowed to inherit property. If you want to recognize a younger child, be sure to also appoint a guardian to oversee the disbursement of any funds or to handle any other property left to them. If you have step-children, check with an estate lawyer about lawfully including them in a will that leaves everything to all natural-born children.

To find out more, speak to an estate planning attorney. 

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