It's not an agreeable thought. Who needs to think about dying?
And you could disagree that if you die it will not matter to you what occurs. After all you are gone.
It will matter to your relatives and buddies. Especially your loved ones.
Why?
Because they are going to be left to pick up the pieces.
They will need to handle your debts. They must work out what happens with your home, your vehicle, your toys. What about your current account and cards? What about family treasures like photographs and furniture?
What about all of your PC stuff... Like online accounts, online bill paying, Facebook, and so on. Will your spouse and family know your passwords and login info? Will they be in a position to make the required changes to move everything into their names.
What Happens When You Die?
If you die without a will you are called intestate. That is simply a fancy word that claims your "estate" will now be settled by the courts. The court that handles that's called Probate court. The Probate court follows your country's laws to settle who gets all your stuff. Depending on your situation it may not automatically go to your wife and youngsters.
What if you had a prior spouse? And kids from that family? Just who are the lawful successors to your estate may be in question. This implies the courts will have to sort it all out. This could require months and even years. How will your folks get by till everything gets settled.
Will they have money to pay everyday costs? Remember the moment you die, anything that is not in a joint account gets locked up into your estate.
And think about your stuff...
What if you wanted that old remodeled car of yours to go to your youngest boy who helped you're employed on it? You maybe even already guaranteed it to him. And your older children don't care about it anyway.
Well according to law it will be divided between your other half (if she's alive) and all the kids. Suddenly that old auto may appear valuable to your youngsters and they will be fighting over who gets what.
It's not a pretty picture.
How Does One Control What Happens After You Die?
First you need to consider what you actually want to happen. Who do you want to get what? What things are in your name and not in your wife's? You'll need to predict all of the eventualities that might occur. This could be the toughest part. You may want some assistance thinking this through.
Once you know what you want to occur then it's time to put it all down in a will. Without a legal document that mentions precisely what you want to occur, again the courts will be making all of your decisions.
So hire a good estate lawyer and get a will drawn up as soon as possible. You can be specific with what will happen. You can reveal names for those you need to get stuff and you may even indicate who you don't want to get your stuff.
You can also write up the will your self. And if your current position is extremely simple that could be a choice.
But I don't endorse it. Often situations are not as easy as they may seem. Your state's laws will need to be followed and these things change. And if you've got a complex situation, like previous wives and families, grand youngsters that you would like to get particular things.
So what's gonna happen when you die? It could be a real mess if you don't do some estate planning. Time to do what is right and get your affairs in order... Before it is too late.
And you could disagree that if you die it will not matter to you what occurs. After all you are gone.
It will matter to your relatives and buddies. Especially your loved ones.
Why?
Because they are going to be left to pick up the pieces.
They will need to handle your debts. They must work out what happens with your home, your vehicle, your toys. What about your current account and cards? What about family treasures like photographs and furniture?
What about all of your PC stuff... Like online accounts, online bill paying, Facebook, and so on. Will your spouse and family know your passwords and login info? Will they be in a position to make the required changes to move everything into their names.
What Happens When You Die?
If you die without a will you are called intestate. That is simply a fancy word that claims your "estate" will now be settled by the courts. The court that handles that's called Probate court. The Probate court follows your country's laws to settle who gets all your stuff. Depending on your situation it may not automatically go to your wife and youngsters.
What if you had a prior spouse? And kids from that family? Just who are the lawful successors to your estate may be in question. This implies the courts will have to sort it all out. This could require months and even years. How will your folks get by till everything gets settled.
Will they have money to pay everyday costs? Remember the moment you die, anything that is not in a joint account gets locked up into your estate.
And think about your stuff...
What if you wanted that old remodeled car of yours to go to your youngest boy who helped you're employed on it? You maybe even already guaranteed it to him. And your older children don't care about it anyway.
Well according to law it will be divided between your other half (if she's alive) and all the kids. Suddenly that old auto may appear valuable to your youngsters and they will be fighting over who gets what.
It's not a pretty picture.
How Does One Control What Happens After You Die?
First you need to consider what you actually want to happen. Who do you want to get what? What things are in your name and not in your wife's? You'll need to predict all of the eventualities that might occur. This could be the toughest part. You may want some assistance thinking this through.
Once you know what you want to occur then it's time to put it all down in a will. Without a legal document that mentions precisely what you want to occur, again the courts will be making all of your decisions.
So hire a good estate lawyer and get a will drawn up as soon as possible. You can be specific with what will happen. You can reveal names for those you need to get stuff and you may even indicate who you don't want to get your stuff.
You can also write up the will your self. And if your current position is extremely simple that could be a choice.
But I don't endorse it. Often situations are not as easy as they may seem. Your state's laws will need to be followed and these things change. And if you've got a complex situation, like previous wives and families, grand youngsters that you would like to get particular things.
So what's gonna happen when you die? It could be a real mess if you don't do some estate planning. Time to do what is right and get your affairs in order... Before it is too late.
