Court Bonds

What Happens When a Will Names No Beneficiaries?


Are there any consequences of initialing a will that does not include any beneficiaries? If your will does not encompass crystal clear instructions on who should keep your personal assets, under state law, your assets will pass as though you never made a will in the first place.

When you do not create a will and leave this world, two scenarios can transpire. Firstly, your valuable assets may pass to others based on specific arrangements you created outside your will. You could have accounts with rights of survivorship or pay-on-death designations or have an IRA with a designated beneficiary. Furthermore, you may have life insurance payable to a certain individual. They will subsequently obtain those assets due to the contracts you have in place with the custodians of said assets.

Secondly, per state law, the executor of your will must request the court where your will was probated to conduct a determination of heirship proceeding. An outside lawyer will be selected by the court to represent the unspecified heirs, and your executor will make their case to the court. Consequently, depending on the statute and the familial facts, the court will indicate who should inherit your personal assets.

Hence, it is not smart to leave your personal assets to chance and not construct a will. Families can be torn apart without a will in place to determine who obtains which of your assets. There’s no better time to start your estate plan than today!  Colonial Surety offers a direct and digital way to obtain estate bonds, also known as probate bondspersonal representative bondsadministrator bonds, and executor bonds. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. Click here to obtain your bond.