What happens if you die without a will or any estate plan? It might not be as bad as you think, but it does probably involve some consequences that you didn’t plan for. Anything without a beneficiary has to go through probate. This process is called intestate succession. You also lose control of what happens to the money. Suppose you have kids from a previous marriage.
If you have no plan, then your ex might end up in control of the money. Sure, the court might watch it and the money is supposed to be spent on the kids, but there may be no fiduciary in between. What if you remarried? Does your spouse really really love the kids that are from the previous relationship?
For more on avoiding probate, check out the video below.
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