What Happens if You Die Without a Will? | WSJ Your Money Briefing

Dying without a will can put the future of your assets at risk.
Wall Street Journal personal-finance reporter Ashlea Ebeling joins host J.R. Whalen to discuss why most Americans don’t have one.
0:00 What is a will and what is its purpose?
0:42 What kinds of assets does a will typically cover?
1:03 What happens if someone dies without a will
2:56 The cost of drawing up a will
3:35 How estate planning rules differ per state
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[@thomasd.kearns1468]

Agree! Also, consider a trust to avoid the courthouse. That is a big advantage in states like NY where courts are extraordinarily slow.

[@albear972]

Yep, trust all the way.

[@ksmith2852]

Trusts are overrated. The estate attorneys tell you it will simplify things. It doesn't. It generates income for attorneys and CPAs. Die with nothing...which the way the US is headed we will all easily accomplish that!😂

[@BillSias-op7xw]

you must be an attorney, seriously, most do not need a trust, let's put it this way, for what attorneys charge for Trusts, to average have nothing folks, it is not worth the effort, no advantage, except to boilerplate scamming attorneys.

[@shadia.shaffer4235]

In CA you NEED A TRUST - you cannot pass/transfer a home with a Will. The Will will go through Probate if you have any real property. Also, when you have a trust, it can hold life insurance and is the best way to protect your beneficiaries when passing any money or assets to them.

[@dianahill5116]

Interesting and informative. Thank you.

[@SoCalFreelance]

Half of Americans don't have a will. Half of Americans can't cover a $400 unplanned expense.

[@albear972]

Isn't that just insane? We have a will and a friggin' trust. And we have many thousands of a $400 unplanned expenses. No, we are not ultra-rich just ultra cheap.

[@brandonjanssen1981]

​@albear972 I think his point is that if you have nothing then a will is irrelevant. Hence, why half of America doesn't have a will.

[@mitchrodee]

@@brandonjanssen1981 , my 59-year old single neighbor passed away in mid-February. He never married, nor had kids. He also lost his job back in 2008, never got back to a good salary and was never again on great financial footing. Anyway, things are tied up in probate. His elderly parents are still alive, living in a retirement community, and they’re waiting on the process to play out. It’s been almost three months. Not sure how long they’ll have to wait before they can put the house on the market. Heck, I think they still haven’t been able to cancel his cable, Internet and cell phone service.

[@brandonjanssen1981]

@@mitchrodee The bank will probably get the house and tax payers will probably subsidize the cremation. Which as a taxpayer, I think it's the least we should do as human beings.

[@haadbajwa7565]

That's why it's better to do it sooner than later. ❤ 📹

[@vSwampFox]

Seems a bad will, is worse than no will at all. Is this right? A parent could list some things to two of the children, but nothing specific to the other 3 per say. That seems worse than everything evenly divided across the board.

[@sacgeekgirl]

"As little a few hundred dollars"...and fhen rhey winder why sonmany ppl dontnhave them.

[@GPTAsk]

Regarding the video, it's interesting to learn about the importance of having a will and the consequences of dying without one. It is shocking to learn that more than half of Americans do not have a will, which could lead to their loved ones being disinherited, eviction from the family house, or having to pay surprise tax bills. The issue of not having a will seems to be more prevalent among non-white adults, with 72% of non-white adults not having a will, compared to 45% of white adults. It's surprising to know that the cost of drawing up a will could range from a few hundred dollars to a few thousand dollars, depending on the complexity and wealth involved. It's also important to note that state laws vary greatly, and there is no one-size-fits-all formula for how assets would be allocated based on what's in a will. It's necessary to coordinate all estate planning in one place, including retirement accounts and life insurance policies, which do not pass through a will. As a lawyer, it's my advice that everyone should have a will to ensure that their wishes are followed after death. Creating a will can be a tough decision, especially when there are complex family dynamics at stake. However, knowing that a will can and should be updated as life happens, it can be viewed as a work in progress. It's essential to seek advice from a local estate planner in your state since state laws vary greatly, and there are specific state rules on the validity of a will. It's also crucial to make sure that the will is signed and dated and that witnesses sign it, ensuring that all rules are followed.

[@nikhilananth6589]

Do you inherit debt after a family member passes when a dependent?

[@mjb48219]

No

[@audreyl704]

suppose to do a trust. when you do a trust you also have a will but if you make changes you have ot pay for changes trust and if you move you probably have to do another trust in that state or move back to the state you did the trust - so which state the trust is done os where they do the probabte court

[@ksmith2852]

Nobody knows except attorneys who will happily charge you to make it more complicated.

[@hOtneO]

If there's no will then you don't get the family's house then you're also not on the hook for the mortgage right? And the bank just takes it because you don't have the right to sell the property? Also regardless of the will, are you also inheriting their credit card debts and any other debts or that just goes away when they die?

[@sandmangti7040]

In winter these might not lift as well. So watch. After 3 years lifting strength may go down. So replacement might be needed. So big spoiler adds down force or extra weight for traction? Both? 😂 50lb bag of sand an option, but not cool.

[@Moneybagzzz]

Are these A.I. generated voices? Dialogue sounds a little canned.

[@kaymish6178]

Because 18-29 YOs have nothing to will. I'm mid 30's and have nothing. No need for a will if there's nothing to bequeath.

[@auro1986]

what happen? if you are rich banks come and auction your things but if you poor they are sold in flea market

[@ssl3546]

Utterly ridiculous that a live-in boy/girlfriend would inherit anything. You'd have to be a "special" person to buy a house and a car with a boy/girlfriend and not have a will. No sympathy.

[@jps0117]

Maybe someone can explain this to me. I have registered beneficiaries for my retirement account with my investment company. Ashlea Ebeling says a will doesn't cover retirement accounts. Is my *having told my investment company what my beneficiaries are* enough (legally)? Thanks.

[@ksmith2852]

It's all a scam. After the person dies, they cannot complain. The attorneys will "marshall the assets" costing money. An attorney will charge you a few thousand dollars to clear this up for you. As I said..a scam

[@mjb48219]

Beneficiary assignment supersedes a will.

[@jps0117]

@@mjb48219 I find that implausible. Can you point to a source?

[@BlessingsfromBridget]

I am on SSI. I live alone in a section 8 apartment. I am not married. I am 36. I own nothing of value, except my old car that has over 130,000 miles. I don’t have a will, but is there even a point?

[@the_rubbish_bin]

When you die, that's what's left... Your stuff!

[@saphone9758]

So you will regret not having a will when you die

[@tommersch4296]

It's risky. Don't risk it. Also, turn off that kind of risky thinking.

[@allbaugh04]

These days aren't most people passing on debt, not assets?

[@nancychace8619]

I'm not sure but I don't think debt is inherited. It goes away when a person dies, but I'm really not sure how that may or may not work. May depend on the situation.

[@gaoda1581]

@@nancychace8619 supposedly student loans can transfer, but consumer debt won't (though I'm sure marriage complicates it)

[@nancychace8619]

@@gaoda1581 Thank you for answering.

[@nzmanhdee6246]

@@gaoda1581 student loans can’t unless you cosign

[@Nicolas-uu3jr]

we still die😀

[@alexander15551]

Yeah, make a will asap so the lawyer can have his cut of your inheritance

[@JohnAlvarado-th7tt]

He told me over and over again he trust me with everything, how legitimate is that he signed it and hide it from his wife

[@___beyondhorizon4664]

I will leave nothing to no one, individuals should earn their own money and manage their own money. Im traveling the world

[@albear972]

Awesome way to blow the fruits off!

[@ksmith2852]

Die broke.

[@user-zz9xg2ps4t]

@@ksmith2852 broke die

[@giacobbeperales5926]

Give your stuff to the one that takes care of you in your old age.

[@adiposerex5150]

How backward our states are. Are the British still here?