The dividing up of property can be contentious during an estate settlement. When one dies without having a will, the legal term is called “intestate.” That means the intestacy laws of the state where you reside will determine the distribution of property upon your death. Attorney Jim Downey of Blazkovec, Blazkovec & Downey says the issue over personal property is where he sees the most disputes.
According to Forbes, over half of all people between the age of 55 to 64 don’t have a will or estate plan. Downey says if you don’t have a will, the intestate succession statute will dictate exactly where your belongings and assets will go without your input. Wills can distribute your property, name an executor, name guardians for children, forgive debts, and more, according to Downey.