Thursday, May 03, 2012

Nearly Half of Baby Boomers May Die Without a Will

Remember that old saying: "Up the creek without a paddle." Well, it appears some baby boomers may be swimming in the deep end of the pool when it comes to leaving a last Will and Testament.

According to, nearly half of Americans are taking a big risk with their family's future by not having a Will. When it comes to protecting digital assets (Facebook account, online photos, passwords), 63 percent of respondents say they don't know what happens to their digital assets when they die.

Sixty-one percent say they don't believe its important to provide for a pet in a Will.

If you die without a last will (known as dying "intestate"), the state will decide how your property is distributed. In community property states, this means that your community property will be given to your spouse (or domestic partner in some states.)

According to, any property that is not given to your spouse will be distributed to the following people, in this order:

Your children, or if they are not alive, their children
Your parents
Your brothers and sisters or, if they are not alive, their children
Your grandparents or, if they are not alive, their children (i.e., your uncles and aunts)
The children of your deceased spouse
Any relatives of your deceased spouse
The state of your legal residence

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