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Almost everyone should have a simple Will. Many people require more complex Wills, depending upon their particular financial circumstances and desires. Often, we are consulted with regard to special needs Trusts for individuals with disabilities or handicaps, as well as our older clients, who are seeking to protect their assets in the event of a catastrophic injury or illness.
At Meggesto, Crossett & Valerino, LLP, the attorneys pay particular care to sit down and evaluate the individual circumstances of the individual, their spouse and family.
Similarly, Meggesto, Crossett & Valerino, LLP takes great care in the administration of Estates and Trusts. We work with the executor and/or trustee to ensure an orderly estate administration, compliant with the wishes of the decedent or the grantor of the Trust.
What happens if I die without a will?
In the event that you die without a Will, your property is divided by law.
Generally, if you are survived by:
- Spouse and descendants, your spouse is entitled to the first $50,000 and one half of the balance of the property. Your descendants share the rest.
- Spouse, but no descendants, spouse takes all.
- Descendants (children), no spouse, descendants take all evenly.
- A parent or parents, but no spouse or descendants, parent or parents take all.
What happens if I die without a will and leave young children?
If you die and leave children under 18 years of age, and are also survived by a spouse, your spouse will receive the first $50,000, plus one half of the balance. The balance of your estate will then be divided among your children. However, if the children are under 18 years of age, a guardian will be appointed by the court to manage your child’s share. The court will require that the guardian post a bond and will require that the guardian file annual accountings of the income and expenses. The bond and accounting fees can become expensive.
Making a Will allows you to execute a personal plan. One of the most important reasons for a Will is to make provisions for the future, in the event of your untimely demise. You can appoint an executor, who is a friend or relative, and you may make provisions for the orderly disposition of your estate and care of minor children.
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| The material contained in or made available through this Web site should not be relied on as legal advice and is not intended as an offer to represent you, nor does it create an attorney/client relationship. The content of any e-mail sent to Meggesto, Crossett & Valerino, LLP or any of its attorneys via this site will not create an attorney/client relationship and will not be treated as confidential information. This site has been prepared for informational purposes only, and the completeness, accuracy or timeliness of any material contained in this site is not warranted or guaranteed. Your use of any information from this site or materials linked to this site is at your own risk. |
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Edwina C. Schleider
Kimberly A. Slimbaugh