Video: What Is Intestacy? Doing Nothing - Essential Guide to Elder Law and Estate Planning - Clip 02
Questions and Answers
0:30 – Consequences of Doing Nothing (Intestacy)
Question: What happens if you do nothing in terms of estate planning?
Answer: Doing nothing means relying on the government’s one-size-fits-all plan known as intestacy law, which can lead to probate and guardianship proceedings, and may result in unintended asset distribution.
1:48 – Intestacy Law Process
Question: How does doing nothing result in relying on intestacy law?
Answer: If you die intestate (without a will), your estate is distributed according to local intestacy laws, which may not align with your personal wishes and can lead to probate proceedings.
2:00 – Probate Process
Question: What is the probate process under intestacy laws?
Answer: The probate process involves the court-supervised distribution of your estate according to intestacy laws, which varies by jurisdiction, such as DC, Maryland, or Virginia.
2:15 – Risks of Guardianship
Question: What are the risks of guardianship without a durable power of attorney or revocable trust?
Answer: Without these documents, if you become incapacitated, a guardianship proceeding may be initiated, leading to court-appointed guardians making decisions on your behalf.
2:30 – Intestacy with No Kids or Surviving Parents
Question: What happens under intestacy law if there are no kids and no surviving parents?
Answer: If there are no kids and no surviving parents, your spouse will inherit the entire estate.
2:45 – Intestacy with No Kids but Surviving Parents
Question: What happens under intestacy law if there are no kids but surviving parents?
Answer: If there are no kids but surviving parents, your spouse gets three-fourths of the estate, and your parents receive one-fourth.
3:00 – Intestacy with Kids and Current Spouse
Question: What happens under intestacy law if there are kids with the current spouse?Answer: If you have kids with your current spouse, your spouse receives two-thirds of the estate, and your children receive one-third.
3:15 – Intestacy with Kids Not from Current Spouse
Question: What happens under intestacy law if there are kids not from the current spouse?
Answer: If you have kids not from your current spouse, your spouse receives half of the estate, and your children receive the other half.
3:45 – Misconceptions about Intestacy
Question: What are common misconceptions about intestacy laws and spousal inheritance?Answer: A common misconception is that the spouse will inherit everything, but intestacy laws often divide the estate between the spouse and other relatives, such as parents or children.
4:15 – Importance of Proactive Estate Planning
Question: Why is proactive estate planning important?
Answer: Proactive estate planning ensures your assets are distributed according to your wishes, avoiding the unintended and potentially unfair outcomes of intestacy laws.