"If I die without a Will, will the state get my assets?"
Recently, we discussed common misunderstandings of how the state will distribute one's assets if they die without a Will, but this another question that we frequently hear about intestate succession.
Some people are under the impression that if you die without a Will, the state steps in and takes ownership of your assets, leaving your family and loved ones with nothing. However, this is not the case.
While the state will step in if you have no Will, it will be in the role of facilitator, not recipient. The state will be the one to determine how your assets are distributed if you die intestate (see this blog for a detailed explanation of how the process works), and your heirs under the law will be the ones to receive those assets. The process may take more time and incur some fees and expenses, and the state's distribution plan may not match your plan, but your money and possessions will find their way to your heirs.
In a nutshell, if you die without a Will, you do not forfeit your assets to the state, but you do forfeit your right to decide the distribution of your assets to the state.
For more information about estate planning, click here to request our free Guide to Estate Planning in Georgia.