No one likes thinking about it, but when the time comes, it’s important everything is prearranged. A will is more than your final wishes; it’s the preservation of those dearest to you. If you need a financial advisor in Kansas City to write your will, OWLFI should be your only option. With tailored solutions and a dedication to the prosperity and wellbeing of your loved ones after you’ve passed, our commitment and track record are unparalleled.
Here’s what happens if you die without a will.
Dying without a will means dying “intestate.” Without a will, after you die, your state’s intestate laws preside over your estate. These laws determine how your property is distributed.
This includes bank accounts, real estate, and any other assets you possess. To further complicate things, real estate owned in a different state is subject to the intestacy laws of the state it’s located in. For example, if you’re a Kansas City resident and have a vacation home in Florida, this home will be split among your “heirs” according to Florida intestacy laws.
Intestacy laws vary from state to state. They also vary depending on whether you were single, married, or had children. In most instances, estates are divided among “heirs.” Heirs are, more or less, your relatives. If relatives can’t be located, your estate is expropriated by the state.
Not hiring a financial advisor in Kansas City for your will means forfeiting control and conceding the wellbeing of those you want to take care of most.
Most Americans don’t deal with federal estate taxes because the first $5.45 million are exempt. Anything exceeding this is subject to 40% tax rates.
However, many states have their own estate taxes. Typically, their exemption levels are lower than federal levels. This is why having a financial advisor in Kansas City evaluate your estate is so essential. You and those dearest to you deserve to know what to anticipate.
Plus, dying without a will means forfeiting key tax benefits for loved ones. For example, the marital deduction enables surviving spouses to inherit your entire estate tax-free. There are myriad tax benefits available. Without a will, your loved ones won’t receive them. Worst yet, this won’t become apparent until it’s too late.
If you have kids, they may be the biggest casualty of dying without a will. Wills are extremely important for parents in particular. They’re the primary apparatus used to designate guardians.
Furthermore, any wishes you want abided by likely won’t be considered without a will.
Worst yet, the court will appoint their guardian. While the judge will gather as much information as possible to decide in the “best interest” of your children, it’s still a scary thought. When it comes to your kids, these aren’t things you want to leave to chance.
Just as importantly, without a will, you have no way to control inheritance. If you have particular wishes, they won’t be executed without a will. Hiring a financial advisor in Kansas City is the surest way to protect your children when you’re not here in the flesh to do so.
If you need a financial advisor in Kansas City to evaluate your estate and write your will, OWLFI is your best option. Our staff handles each client and situation with the utmost attention and care. With us, you don’t just get a financial advisor. You get a guardian angel for those dearest to you. Contact us now to schedule a consultation! It’s not too late until it’s too late.