Many people shrug off the responsibility of making a Will, being unaware of the full consequences for their family. This article explains what happens in common situations where a family member dies without a Will in Wyoming.
There are diverse reasons for not writing a Last Will and Testament. The most common reason of all is simply that many people don’t believe they need one. This article explains the impact of such a decision if you live in the State of Wyoming.
It is a common misconception that you only need a Will if you have some assets behind you. Nothing can be further from the truth. Consider Sarah, who is a single 25 year old with no children. Her primary assets are her car and $2,000 in the bank.
If Sarah dies without making a Wyoming Will, her assets will be distributed in accordance with Wyoming’s Intestate Succession Law, which is contained in Chapter 4, Title 2 Wills, Decedents’ Estates and Probate Code.
According to section 2-4-101(c)(ii) of the Code, Sarah’s assets will be distributed equally between her mother, father, brothers and sisters (and the children of any deceased sibling). What if Sarah wanted the $2,000 and the car to go to her parents? What if she wanted her brother to inherit her car? Consider if Sarah had previously inherited her grandmother’s wedding ring and wanted her niece to have it? Nobody would ever know Sarah’s wishes and her family could end up distributing the assets between themselves as they see fit.
Then, there’s Michael, a 51 year old office worker. He hasn’t made a Last Will and Testament because he just wants his wife to inherit everything. He assumes this will be the case even without a Last Will. Frank isn’t aware that his children will end up having a claim to his estate.
Section 2-4-101(a)(i) requires that his wife share his probate estate (any property not limited by marriage settlement) with his children. His wife will only inherit half. The children share the other half. Michael also has a son from a former partner (which he hasn’t seen for years). That son will be entitled to share the children’s half of the estate. This could be a disastrous outcome for Michael’s family.
The family home is usually the biggest asset. If Michael had brought the family home into the marriage, then unless it’s held jointly by him and his wife, the family home would form part of the probate estate and will need to be split up between the wife and children. Would his wife need to pay the children out? Pay them rent?
Michael also doesn’t realize that dying intestate (without a Will) would cost the estate more to administer due to higher probate fees. Would he want his family to pay this extra cost?
Finally, consider Tracy. She is a widowed grandmother. She had three children (2 have already died). The surviving child, John, has 2 children, Joe and Joanne. Of her deceased children, one left behind a daughter (Christine) and the other left behind two grandsons (Thomas and Terrence). Tracy doesn’t see it necessary to make a Will.
If Tracy dies without making a legal Wyoming Will, section 2-4-101(c)(i) requires her estate to be split into thirds (representing each of her children). John, her surviving child, will receive one third. Christine, the single-child granddaughter receives a third. The two grandsons receive a sixth (since they would share the remaining 1/3). Thomas and Terrence would feel disadvantaged as against Christine’s share. Also, what about John’s children Joe and Joanne? They would also feel deprived, since they wouldn’t inherit anything from their grandmother.
Is this the lasting impression the grandmother would have wanted to leave with her grandchildren? Tracy probably would have wanted her grandchildren to be treated equally, but without a Will, she’ll never get the chance to make things right.
As you can see, having a Last Will and Testament is extremely important in any situation. With larger estates, a revocable living trust may take care of the majority of the assets; however a will is still needed to pour over any assets to the trust. In short, everybody should make a Will, there is no excuse, no justifiable reason.
3 Reasons Why You Must Have a Will if You Are Divorced and Remarried in Florida
You should have a Last Will and Testament, especially if you are remarried. Find out why making a Will is so important.
Managing a Probate Estate - Who Is the Personal Representative?
When it comes time for probate (whether testate or intestate) who has the right to be appointed as personal representative of the estate?
New York Intestacy Law: What Happens to Your Assets if You Die without a New York Will
Few people realize how their property ends up being distributed if they die without a Will. Many incorrectly assume their assets pass to their surviving spouse. The outcome under New York law may surprise you.
