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If I die without an estate plan, does my spouse get all my assets?

If you die without an estate plan, your assets will be distributed according to your state’s specific laws. These laws determine who inherits your property and how much they receive based on your familial relationships.

If you are married and have no children, your spouse might inherit all of your property. However, if you have children, your spouse may only inherit a portion of your estate, with the remainder going to your children or other relatives. The specifics of how your estate will be distributed can vary depending on the laws of your state and the specific details of your family situation.

In some situations things can get even more complicated when there is no estate plan. Family members may start challenging each other for your assets in long drawn out court battles. In the end the person who ends up with your assets may be the last person you would have left your assets to. 

Therefore, it’s important to create a trust to ensure that your property is distributed according to your wishes, and not left up to state laws.

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What is a Trust?

A Living Trust is a financial tool that lets you plan, organize, and protect your life. It’s a personal entity that allows you to add assets and plan out your inheritance. Eliminating legal battles, cost, and time spent by your loved ones. 

Think of it like a personal LLC that you put everything you own in. Except it doesn’t protect you from liability like an LLC does, it protects you from probate and conservatorship. 

Probate is the complicated court process (12-18 months) where a judge decides what happens to your assets after you die, become incapacitated, or are “deemed” incapable. Creating a living trust allows your assets to completely circumvent probate and immediately transfer to your loved ones. 

In addition to being able to name heirs (your beneficiaries), a Trust also allows you to assign someone to manage it (your successor trustee). Instead of going through probate, your Successor Trustee takes control of the Trust, handles your affairs, and distributes your assets according to your instructions. The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.

At Dynasty, we believe everyone should have a Living Trust. If you have children, assets, or plan to acquire assets in the future, you should create a Trust. That way when you buy your next home, open a bank or brokerage account, get startup shares, etc. – you can immediately title them in your trust.