Expert Q&A

What happens to my money if I don't have a will?

If I have designated beneficiaries on my accounts, do I need a will? What would happen to my assets if I don’t have a will?


Related Topics: Estate, Wills and Trusts, Tax Returns and Preparation, Taxes, Financial Planning
Related Tags: Estate Planning, Wills, Beneficiary
Dennis Cherenkov
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By Dennis Cherenkov - Primerica Financial Services
Answered almost 3 years ago

Yes you need a will. Even if you have established beneficiaries. An attorney might ask you about something that you haven’t thought of, it happens all the time. Please save your “beneficiaries”, loved ones and others the headaches, drama, and time. Get a will.

Thomas Bridgman
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By Thomas Bridgman - Brent Financial Group, LLC
Answered about 3 years ago

I overlooked your question about beneficiary designations, which do take precedence over a will. Generally, you usually want a will as well to cover any assets where you can’t specify a beneficiary, those where you forgot to specify a beneficiary, and to provide for other scenarios beyond distributing assets.

Thomas Bridgman
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By Thomas Bridgman - Brent Financial Group, LLC
Answered about 3 years ago

If you die intestate (without a will), your state’s laws will determine what happens to your assets and minor children.

Search the web for your state’s name and “intestacy”.

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