Baby Boomer Finance – Intestate

Welcome to this weeks edition of Baby Boomer Finance – Intestate

Show Notes:

What does it mean to die Intestate?  It means you died without a will.  It means that the laws of the state you lived in will determine how your estate is dissolved.

In most states:
    Married with children:  Wife gets 1/3 to 1/2 of the estate and the rest is divided among the surviving children.
   
    Married with no children:  Wife gets 1/3 to 1/2 of the estate and the rest is divided among the surviving parents or brothers and sisters.
   
    Single with children:  Everything goes to the children.
   
    Single with no children:  Parents or brothers and sisters.
   
So if you want to have control over who gets what, have your attorney draw up a will.

Also consider asking your attorney to draw up a Durable Power of Attorney for Health Care, a Living Will, and a Financial Power of Attorney.  You can't be too careful.