In the unfortunate case that you pass away before making a will, then the government deems you intestate. When a person is deemed intestate, it is more difficult to determine who inherits their estate, as there are certain rules that must be followed when divvying up their property. Of course, if you are married, your spouse will be the inheritor. If you are single, then your estate will be equally divided amongst your children. However, if there are no children, then your possessions will be left to other close relatives. Close relatives include people like your parents, siblings, nephews and/or nieces, etc. Unmarried partners and close friends will be left out.
Therefore, speaking with a qualified advisor who will take your situation into account is an important part of the process of drafting your will. If you own rental properties or have made significant returns on investments, then having an experienced professional to help you devise a plan is imperative. This is also necessary because without a witness, the plan for your estate becomes invalid. Wills go through a probate process—that is, a process which determines its validity—and your financial advisor often acts as executor throughout this process.
Many take it upon themselves to make their wills and do not consult with an expert. While it is possible to do this, there have been many cases where those people have failed to account for all of their assets. Hiring someone to help you with this prevents you from leaving money or property that is unaccounted for. There have also been cases where an individual’s named beneficiary dies before them, and they have not prepared for this. An advisor will put a plan in place should anything unexpected happen.
