What if you pass away without a will?

What if you pass away without a will? So if you pass away with no will in place, state law fills in the gaps. So state law dictates who gets what if you haven't clarified in a will who your heirs and beneficiaries are. State law tends to follow kind of what you might expect people to choose. A surviving spouse is the primary heir, and then children after that. If there are no spouse or children living, then it goes up to your parents who would receive your estate. And then, ultimately your siblings, and nieces, and nephews, until someone is available to receive your estate. 

But it can get really tricky, if you have a blended family, or either you or the surviving spouse have children from a different relationship. Because the numbers get a little tricky, and don't just go flat out 100%, or in equal shares in that case. So even though Colorado law does fill in the gaps to make sure that people who are close to you receive your estate, it might be different from what you would want. And it also doesn't clarify who is in charge of the assets left to a minor, or an incapacitated beneficiary.

So, state law is really just following the family tree, but really doesn't do a whole lot more than that to make sure that those who do receive your estate, receive it in a way that you would want, and maybe at specific ages along the way that you would want.  So, if you die without a will, state laws fills in the gaps. But even then it really important to make sure that your plan is laid out, in writing, so we're not having to rely on state law for you.