What will happen if you die without planning for your estate?

What will happen if you die without planning for your estate?

| Apr 9, 2020 | Estate Planning |

Many of us do not consider the future of our assets and property until the last act of our lives. Unfortunately, not everyone will live to see old age. So, it is imperative that you establish a thorough estate plan early in life, especially if you have significant assets. But what happens if you do not plan for your estate? Well, it all depends.

Were you married or single?

Know, first, that your property will split between your various heirs. There is an order of priority for such property inheritance. If you are single, for example, surviving parents receive all your estate. If you do not have living parents, then siblings are next in line for inheritance. If you have more than one, the estate will divide equally.

In Louisiana, if you were married, then all your community marital property will go to your surviving spouse. Property that is separate from your marital property includes that which you acquired prior to the marriage or purchased with separate funds, among other acquisitions. If you die while married and you owned separate property, it will split between your surviving spouse, siblings and parents. However, if you have children, all your estate will go to your spouse.

If you are in a longstanding relationship with someone and you die, unfortunately, your partner may not inherit any property without a will.

Whatever your situation, consider starting a plan as soon as possible to protect your assets and keep your loved ones from a headache in the event of your death. Contact an experienced lawyer or an otherwise qualified estate plan professional to learn more.