A will is a crucial estate planning document that allows you to pass on your property to chosen beneficiaries upon your death. However, too many people often don’t think to consult a law firm ahead of time, which can add unnecessary stress to your loved ones during an already tough time. To help you understand this, the following guide explores what will happen if you don’t have plans in place.

How Will Your Property Be Divided?

When a decedent, or a person who has died, doesn't have a valid will, they are said to have died intestate. This means that the state will be in charge of dividing and distributing their estate. 

According to Nebraska's laws, the spouse of the decedent will inherit the entire estate if there are no surviving parents or children. Otherwise, the surviving spouse will receive the first $100,000 from the estate, in addition to half of the estate's balance. In the absence of a surviving spouse, the decedent's assets will be distributed evenly among the children. In the rare event that the decedent has no surviving family, the decedent's property will go to the state. 

What Is the Probate Process Involved?

In Nebraska, probate is often required even when the deceased has a valid will, though it would help clarify the situation. This process helps protect the decedent's rights under the intestate succession law or the valid will. The probate process begins once an application is filed. The estate will then be open for contests and claims. 

A court-appointed personal representative will be in charge of managing the estate. This individual will gather and inventory the assets, pay the creditors, and distribute the remaining assets to the heirs. Assets with named beneficiaries, such as life insurance policies, will not be affected by probate or intestate succession.

Why Should You Have a Will & Update It Regularly?

A will ensures that your assets fall to those you would like to have them, allowing you to account for emotional closeness and not just direct kinship.

You should review this estate planning document with your law firm whenever your financial, family, and personal circumstances change. For example, consult a lawyer after marriage, separation, divorce, or a decrease in wealth. Otherwise, your will may be invalidated or your wishes can't be carried out when you pass on.

Kleveland Law Offices in Lincoln, NE, gives you peace of mind by guiding you as you draw up your will. This esteemed law firm has been offering top-notch services in the area since 1984, specifically when it comes to probate, family, and divorce law. Call them today at (402) 477-7776 to schedule an appointment or visit their website to get in touch with them online.