What happens if you die without a will? Your assets may not go where you wanted them to. If someone dies without a will that is known as dying intestate. States have their own laws on intestacy. Tennessee law provides that if you are married and die without a will, what your spouse gets depends on whether or not you have living descendants. If you don’t have living descendants, then your spouse inherits all your intestate property. If you do then your spouse will share your intestate property except that your spouse’s share cannot be less than 1/3. If you do not have a will and your child(ren) is a minor, a guardian may have to be appointed for the minor children.
Some assets, depending on how they are titled may not pass through your will. An account with joint names with a right of survivorship will pass outside the will. Life insurance proceeds with a beneficiary as well as funds in an IRA, 401(k) or other retirement account with a beneficiary named will also pass outside your will. Likewise with real property the way the property is titled will control who ultimately receives the property. The above points help illustrate why It is very important to have a will in place that sets forth your plan as to who your assets will go to. Failure to have a will may lead to unnecessary complications and strife. So if you are wondering if you need a will, the answer is Yes. Just remember, where there is a will there is a way, It’s your Way!