What happens if you die without a will?
When a person dies without a will, they have died “intestate” and the law directs how their property is distributed. In general, the NH laws of intestacy provide that a surviving spouse receive one-half of the residuary estate, plus an additional $100,000-$250,000 depending on whether there are children or surviving parents. If the decedent has no children or surviving parents, the entire estate will pass to the surviving spouse.
If a decedent has no surviving spouse or children or surviving parents, the brothers and sisters would be considered the next of kin. If none, then you move over on the family tree to surviving aunts and uncles, cousins, first cousins once removed, etc.
Most problematic is what might happen if you die without a will and you have a minor child. In New Hampshire, if one parent dies, the general rule is that the surviving parent would then be considered the guardian of the child or children. But if both parents are deceased, then another person (or an authorized agency like the Division for Children, Youth, and Families) can petition the Probate or Family Court for guardianship over the child or children. In that case, the Court will decide.
A well-drafted will protects your intended beneficiaries
A will is a document that allows you to decide who will inherit your assets and property. It allows you to name the beneficiaries of your estate and specify how you want your estate to be divided. You may also include specific distributions of particular pieces of your personal property.
A will also allows you to decide who will be in charge of distributing your property, and lets you name a guardian for your minor children.
Executing a will that achieves your goals is the simplest and most cost-efficient estate planning solution. However, unlike some trusts, a will does not “avoid probate.” This means that the Probate Court will be involved to make sure that the directives in your will are followed, and to ensure creditors are paid. Still, a will can be viewed as a set of instructions for the Probate Court regarding how the estate should be distributed and who should be in charge.