Being intestate can be a daunting concept for many business professionals, particularly those without a strong legal background. So, what does the term mean and why is it so important? In this blog post, we’ll explain everything you need to know about what it means to be intestate.
What Does Intestate Mean?
Intestate is a legal term which refers to someone who dies without having made a will. In other words, when someone passes away without having left a valid will behind, they are said to have died intestate.
The word “intestate” comes from Latin and essentially means “without a testament.” This means that the person who has died did not make a legally binding document, usually with the help of a lawyer, outlining how their assets will be distributed after their death.
The Dangers of Being Intestate
The problem with dying intestate is that there may be no legal guidelines for how to distribute the deceased person’s estate. The laws of the applicable jurisdiction will dictate the process, which may lead to a situation that is highly unfavorable to the wishes of the deceased. While some individuals may argue that the courts should simply divide the assets equally among the family members, this is often not the case.
Moreover, if there is no will to serve as guidance on how to best divide the estate, legal disputes amongst family members may arise. This can be an extremely expensive and time-consuming process, as each dispute may require multiple court appearances. This is why it is so important to make sure you have a valid will in place before death; otherwise, it could be a major headache for your surviving family members.
What Can You Do?
The best thing that you can do is ensure that you have a valid will in place. It is important to make sure that your will is legally binding, which means that it should be created by a lawyer who is well-versed in the local laws of the applicable jurisdiction. This will help to ensure that your assets are distributed in the way you had intended them to be.
It is also advisable to review your will periodically throughout your life, as circumstances can change drastically and you may want to make modifications accordingly. This can help ensure that your estate is dealt with according to your final wishes.
Conclusion
Intestate refers to someone who dies without having made a legally binding will. Without one, there may be no legal guidelines set in place for how to divide the deceased person’s estate. This can lead to major legal issues amongst family members, as well as a situation that does not adequately reflect the wishes of the deceased. It’s wise to ensure that you have a valid will in place, which is written with the help of an experienced lawyer.