If you do not have a will, then what happens to your estate when you die? This is called dying “intestate” or without a will. When you die intestate, the state legislature decides where your property goes. The state has already created an estate plan for you.
So what happens? Different states have different rules here, but Oregon’s generally says that it goes all to your spouse, or if you have no spouse then to your kids. The one to especially be aware of is that if you have children from a prior marriage then your spouse gets only 50% and those children get the other 50%. Finally, if you have no spouse and no children, then it goes to progressively further relatives until you reach your grandparent’s descendants. If you have a small bloodline, then your entire estate could end up being given to the state!
They don’t care about a person’s life? Don’t let the government make your estate planning choices for you! Call an experienced estate planning professional now.
How much does it cost? A probate is generally required when you die without a will and the costs of probate can be extensive. And if you have property in multiple states, then each state will require its own probate to be filed, increasing the costs further. Probates are also open to the public and susceptible to fraud and predators who peruse the public record.
Want to know more? Call MGM Law Firm at 541-233-7441