What is Intestacy? Estate Planning Lawyer Definitions
What is Intestacy?
Let’s start with the legal definition:
Intestacy is the condition of the estate of a person who dies owning property whose value is greater than the sum of their enforceable debts and funeral expenses without having made a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the “intestate estate”.
Wow. Make sense to you?
Let’s try the real world definition.
If you die without a will you are “intestate.”
If you are intestate your stuff is divided according to the rules of intestacy (the court decides where your stuff goes based on a very old, very broken formula that is probably not close to what you would have done if you created a will before you died).
You do not want to enter into intestacy.
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Christopher Small is a Kirkland estate planning attorney who helps people get rich and live forever. He is also the owner of CMS Law Firm LLC.