I often see a misconception regarding Succession law as to assuming our spouses automatically receive our property if we were to pass without a will. After all, it would make sense that the assets we worked so hard together to gain after all of these years would automatically go to the other if something were to happen to one of us, right? Wrong!
If you do not have a will and you pass away, this is called passing “intestate”. Your spouse will not receive anything from you. Nothing. Crazy? Impossible? Unfortunately, this is true. If it is your desire to leave your spouse your portion of your community property and any separate property you may own, then a will is a must!
An example may be helpful here. Let’s assume for a moment that Jack and Jill are married. They have two grown children, Bill and Sue. If Jack passes away and did not have a will, Jill would be entitled to her 1/2 interest in the community property they owned together. However, generally, Bill and Sue would be entitled to Jack’s. Thus, Jill would own 1/2 of her home where she has lived with Jack for years and Bill would own 1/4 of that home and Sue would own 1/4 of that home. And this, my friends, is where the problems begin!
DON’T BE LIKE JACK…or JILL…Contact us at 337.460.7987 so we can help you be prepared.