Perhaps the most important reason to make a will is to ensure that your loved ones are properly supported and that your assets pass as you choose. If you fail to make an estate plan, your assets will be distributed by the state according to its rules of intestate succession. These are hierarchical formulas that distribute property among certain groups of surviving family members. The spouse and children of the deceased person usually have priority, followed by parents and siblings, but each state uses its own rules. Some people may be satisfied with this arrangement, but others may find that it does not mirror their preferences.
Certain types of property do not pass through intestate succession if you die without a will. Assets that an individual places in a trust or a retirement account will go to the beneficiary named in the trust or account, regardless of whether a will exists. Life insurance proceeds, property owned in a joint tenancy or a tenancy by the entirety, and securities held in certain types of accounts also would not pass through a will and would not be affected by intestate succession rules.
While each state uses different rules, these examples from various parts of the country can give you a sense of how intestate succession works.
If you die with a spouse but no children, your spouse will inherit everything governed by intestate succession rules. If you have children but no spouse, your children will inherit everything. If you have both a spouse and children, the spouse inherits the first $50,000 of the property covered by intestate rules, in addition to half of the remainder. If you do not have a spouse or children, your parents inherit everything. If you have no spouse, children, or parents, your siblings inherit everything.
If you have a spouse but no children, parents, or siblings, the spouse inherits everything. If you have children but no spouse, the children inherit everything. If you have no children, spouse, or siblings, the parents inherit everything. If you have no children, spouse, or parents, the siblings inherit everything. If you have a spouse and children, the spouse receives all of your community property and at least one-third of your separate property, while your children receive the rest of your separate property. If you have a spouse and parents, the spouse receives all of your community property and half of your separate property, while your parents receive the other half. If you have only a spouse and siblings, the same division will apply.
If you have either children or a spouse but not both, your children or your spouse will inherit everything. Also, your spouse inherits everything if you have children with that spouse, and the spouse does not have other children. If you have children with that spouse, and the spouse does have other children, your spouse and children receive half of your property each. If you do not have children with your spouse, but you have children with someone else, your spouse and these children also split your property. If you have no spouse or children, your parents inherit everything. If you have no spouse, children, or parents, your siblings inherit everything.
If you have a spouse but no children, parents, or siblings, the spouse inherits everything. If you have children but no spouse, parents, or siblings, the children inherit everything. If you have parents but no spouse, children, or siblings, the parents inherit everything. If you have siblings but no spouse, children, or parents, the siblings inherit everything. If you have a spouse and children with that spouse, the spouse inherits your community property, a life interest in your real estate, and one-third of your separate personal property, while the children inherit the rest. If you have a spouse and children with someone else, the spouse inherits one-third of your separate personal property and a life interest in your real estate, while the children inherit the rest. If you have a spouse and parents but no children, the spouse inherits your community property, your separate personal property, and half of your separate real estate, while your parents inherit the other half of your separate real estate. If you have a spouse and siblings but no children or parents, the siblings receive what the parents would have received in the previous situation.
If you have a spouse but no children, the spouse inherits everything. If you have children but no spouse, the children inherit everything. If you have a spouse and children, the spouse and the children receive half of your property each. If you have parents but no spouse, children, or siblings, your parents inherit everything. If you have siblings but no spouse, children, or parents, the siblings inherit everything. If you have parents and siblings, but no spouse or children, your property is evenly divided among each parent and each sibling. (However, if you have only one parent alive, that parent receives a double share.)
