What happens if you die without a will?

After the famous rocker Prince died, Tyka Nelson, Prince’s sister, said her brother died without leaving a will. So what happens if you die without a will? Although your problems are over, they are only beginning for your loved ones. If you own property, retirement accounts or have children, then you need to draft your will today. Richard Eisenberg, a Forbes contributor, referred to some troubling statistics provided by Rocketlawyer.com. 

• 51% of Americans age 55 to 64 don’t have wills

• 62% of those age 45 to 54 — (67% of women that age) don’t have wills.

Additionally, the site reports that more than 60 percent of the general population doesn’t have a will. But this statistic includes young adults who may not have a will because they don’t have children or assets. Older adults especially need a will because they usually have homes, rental property, automobiles and retirement accounts. So why don’t you have a will? Rocket Lawyer also offered these little gems:

• 57% said they “just haven’t gotten around to making one”

• 22% felt that making a will wasn’t urgent

• 17% don’t think they need a will

• 14% don’t have a will because they don’t want to think about death

We are so busy paying bills, working and raising children that we are just too busy to die. But deep down, we know death is around the corner waiting for us like a taxi. 

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