What happens if I don't have an estate plan?

If you do not have an estate plan, your assets and property will be distributed according to Arizona’s laws of intestacy. Intestacy is the process of dividing up an estate without a will. Every state has laws that govern this process. In Arizona, if you are married and do not have a will, your spouse will inherit your property. If you have children, your spouse will get the first $150,000 of your estate and half of the remainder; the other half will get divided among your children. If you are not married, your children will inherit the estate in equal shares. If you don’t have children, your assets will be distributed to other relatives, such as parents, siblings, nieces and nephews. If no relatives can be found, your assets will be bequeathed to the state of Arizona. Not having an estate plan can be costly. According to Arizona’s intestacy laws, if you pass away without a valid will then a court will appoint an administrator to handle the estate’s assets and property. This person will charge an administration fee for their services, which will come out of the estate’s assets and decrease the amount of money that goes to your beneficiaries. Additionally, intestacy can cause confusion and disputes among family members as to who should receive what assets. Having an estate plan is the best way to ensure that your property and assets will be distributed according to your wishes, and that the interests of your beneficiaries will be taken into consideration. An estate plan helps minimize legal expenses and family conflicts and allows you to make any changes, adjustments, and updates to the plan as your life and assets change.

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What happens if I don't have an estate plan?

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