Optimal Finance Daily - Financial Independence and Money Advice 3333: What Happens if I Die Without Creating a Will by Vicki Cook and Amy Blacklock of Women Who Money
7 snips
Oct 28, 2025 This discussion highlights the importance of having a will, revealing how state laws, not your wishes, dictate asset distribution if you die intestate. The hosts outline what a will must include, like guardianship for children and asset designations. They stress that many people overlook this essential document, risking their loved ones' financial chaos. Tips are shared on organizing vital information for executors, ensuring your legacy is protected while easing the process for those you leave behind.
AI Snips
Chapters
Transcript
Episode notes
State Law, Not Family, Decides Without A Will
- Dying intestate hands distribution decisions to the probate court and state law rather than your loved ones.
- State intestacy formulas can exclude partners or shift assets to distant relatives unexpectedly.
Beneficiaries, Joint Accounts, And Probate
- Assets with named beneficiaries or joint rights usually bypass probate and won't be governed by your will.
- A will controls distribution but does not prevent probate; a living trust can avoid it.
Make And Update A Will After Life Changes
- Create a will to designate who receives your assets and to ensure your final wishes are followed.
- Update your will after major life events like births, deaths, marriages, divorces, or major asset changes.