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Do you know what happens if you die without a will? The courts will decide who will raise your children, manage your assets, inherit your possessions, and administer your estate. Heirs must usually agree on a court appointed administrator. If some of the heirs are mentally incapacitated, or under age, it gets unbelievably complicated. Add in children and spouses from previous marriages and it can become a seething pot of turmoil for your family.If your second spouse survives you, the children from your first marriage could end up with nothing. The courts may set aside assets to be given to the children when they come of age, that makes it impossible for your spouse to afford your current home or lifestyle.When there is no will and a couple dies together, the state may have to “decide” who died first. If one outlives the other, even by a few minutes, the relatives of the first to die can loose out completely.
Without proper organization your assets could go unnoticed or become lost and loved ones may not benefit from your years of hard work.