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What happens if you die with no will?

On Behalf of | May 29, 2023 | Estate Planning

One of the most attractive features of North Dakota is its attitude toward inheritance taxes. In short, there are none. If you live in this state, you don’t have to worry about your heirs facing crippling tax rates. This affords residents the peace of mind that comes with knowing their estate will be handled fairly and equitably.

Preparing a will is the practical solution

Providing for your heirs is an absolute necessity. To do so, you’re going to need to prepare a will. This legal document will give precise directions on how you want your estate to be divided. All your possessions and assets will go to the individuals you assign them to. The executor you name will see to this task.

Without a will, you are subject to several variables that you may not be able to foresee or control. One of them is the huge increase in the likelihood of your estate going to probate. If you die without such a testament in place, your estate will be subject to the laws of succession that apply in this state.

What type of taxes may apply?

North Dakota has precise rules in place that govern the process of probate. You can avoid your estate being subject to this process by leaving a will. However, your remaining assets will still be subject to Federal estate taxes if their total value exceeds $12.92 million.

In some cases, the estate you leave behind can be exempted from formal probate. However, this usually only applies if its total value is less than $50,000. Even then, it will still undergo a simplified probate process. This is the reason leaving a minutely detailed will is strongly recommended.