5 Misconceptions About Inheritance Law – What You Need to Know

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There are quite a few different misconceptions about inheritance law, and it is important to know the truth about these issues, especially if you want to leave certain assets to your family after you die or stand to inherit something from a family member. Those who take the time to learn about these matters will be better equipped to make certain important financial decisions that will affect their families and loved one. 1. If a person without a will dies, the state takes everything Although it is a common misconception that the state takes everything from a person without a will, this is not always true. States have different laws for who inherits what, so it is important to keep that in mind as well. Even if the person did not have a legal written will, the spouse and children are typically first in line for inheritance. The only time that the state inherits everything is when no living relatives can be found. 2. I don’t need a will because I am not married and do not have children While a lot of people believe that they do not need a will because they do not have a spouse or any children to leave their possessions or assets to after they die, there is still something else to consider. There are certain scenarios where not having a will can have dire consequences, such as for those who have parents in a nursing home that rely on government benefits to cover the cost of their living facility. 3. If you don’t own any assets, you don’t need a will. Even those who do not have any significant assets will still want to think about meeting with a lawyer and drafting a will, especially if there are minor children involved. A will names the guardian that will take care of your children in the event of your untimely demise, which is definitely something important to work out and get in writing. Otherwise, your children will become wards of the state. 4. Probate costs consume all of the estate assets Most of us have heard horror stories about huge probate costs that consume almost all of the estate assets, but this is usually not true. The fact is that only assets that are in the deceased person’s name have to go through probate. If the value of the probate assets is small enough, the family can take advantage of certain probate shortcuts which will help to save a ton of money overall. 5. The oldest child is entitled to be the executor of their parent’s estate Yet another misconception about inheritance law is that the oldest child is entitled to be the executor of their parent’s estate, when in reality the age of the child is not significant in the slightest. It is only the person who was named the executor in the will who acts as the personal representative of the deceased person’s estate. If you need the best inheritance law Carroll County lawyer to create your will, it will be important to seek out a highly experienced and qualified professional.