One hundred percent of all people die.
And yet only four in ten adults in the United States have made preparations and provision for their families when they die. Approximately sixty percent of Americans do not have a will or estate plan.
Not understanding the need for a will stems from not understanding what happens to your estate if you die without a valid will.
With or Without a Will
Regardless of if you have a will written or not, the same things happen to your estate when you die.
If you have a will, you will have already appointed a person to administer the estate. This person is called the executor of the estate. Your will will dictate this role.
If you do not have a will, then the probate court will appoint someone to be…