HIMPower Magazine HimPower October 2017 | Page 37

WHAT HAPPENS IF YOU DON'T LEAVE A WILL? If you don’t have a will when you die, your money, property and possessions will be shared out according to the law instead of your wishes. This can mean they pass to someone you hadn’t intended – or that someone you want to pass things on to ends up with nothing. WHY YOU SHOULDN’T DIE WITHOUT A WILL? DON’T LET THIS HAPPEN TO YOU When one of two brothers died suddenly, his whole estate automatically went to their father, who had left them 40 years earlier and hadn’t been in contact since. His brother, who he was close to, got nothing. When you die without leaving a will, the law decides who gets what and how much. It doesn’t matter what your relation- ship with those people was like when you were alive. Leaving a will that says clearly who should get your property and money when you die makes it easier for your heirs. Some parents have had to sue their own children to get a share of their partner’s estate when their unmarried partner dies. The law says that in this situation the children get everything. WHAT IS ‘INTESTACY’? Dying without a valid will is called intestacy or dying intestate. The state or condition of dying without having made a valid will or without having disposed by will of a segment of the property of the decedent. WHAT IS ESTATE TAX? The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. WHAT IS INHERITANCE TAX? An inheritance tax is a state tax that you pay when you receive money or prop- erty from the estate of a deceased person. Unlike the federal estate tax, the beneficiary of the property is responsible for paying the tax, not the estate. However, as of 2016, only six states impose an inheritance tax. And even if you live in one of those states, many beneficiaries are exempt from paying it. The law about exactly who gets what is different in each State, but there are some common problems wherever you live. COMMON RULES IF YOU DON’T MAKE A WILL • If you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die. • If you’re married, your husband or wife might inherit most or all of your estate and your children might not get anything. This is true even if you are separated but not if you’re divorced. • If you have children or grandchildren, how much they are legally entitled to www.himpowermagazine.com  37