What happens if you don't have a will?
Everyone has a will. If you don't write your own, you get the universal will that your
state has written for you. All your nearest relatives get a piece of your property, but no
one else does-and no one gets more than the state-allotted share, even if it's unfair.
Spouses usually suffer the most. According to Jane Bryant Quinn, author of Making the Most
of Your Money (Prentice Hall), depending on state law, not all of the property may go to
your spouse. Your grown children may get some of the money you meant for your spouse,
leaving your spouse with too little to live on. A court will choose your children's
guardian. Stepchildren usually get nothing. Your family might battle with the courts. A
fight might break out among your relatives over who gets the children and who runs the
inheritance. Whether you do it yourself or with the help of financial advisers, writing a
will is key to ensuring that the people you want to leave your property to, get it.