Ask an Advisor: My Husband Doesn't Have an Estate Plan. What Are the Problems That I Could Run into?

Group 1 - The importance of estate planning is highlighted, which includes creating a will, updating beneficiary designations, and possibly establishing a trust to ensure proper asset distribution [3][4] - In community property states, a surviving spouse retains at least a 50% ownership share of assets acquired during the marriage, regardless of how the property is titled [1] - In common law states, if a spouse is not named as a beneficiary or joint owner, a formal will is necessary to identify the spouse as the inheritor to avoid complications [2][5] Group 2 - Dying without a will results in intestacy, leading to probate court involvement where state laws dictate asset distribution, typically favoring the surviving spouse and children [5] - Estate planning documents provide detailed instructions for managing health care and financial decisions, distributing assets, and paying debts [3]