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.
P.S. Do you have kids? Have you completed guardianship paperwork? Have you done it correctly? Click here to find out what happens if you don’t do anything: Are you okay with a judge choosing the guardians of your children?
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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.