Terminology: Intestacy

If you die without a Will, you will have died "intestate." In such a case, the laws of the State in which you (or your real property) reside at the time of your death govern how your property will be distributed. These laws may or may not distribute your property in a manner with which you are comfortable. If you want to learn about how the Utah legislature thinks your property should be distributed upon your death, see Utah Code Annotated, Title 75, Chapter 2. Typically, it will be necessary for at least one of your survivors to go through the court process known as "Probate" in order to distribute your property according to these default rules. In certain cases, where the value of your estate is relatively small, a simplified probate process may be available. However, there are situations where distribution of even a small estate will require a full-blown probate.

Another way to avoid the negative consequences of dying intestate is to utilize one or more probate-avoidance devices including: "payable on death" or "POD" designations on certain financial accounts or instruments, "transfer on death" or "TOD" designations, beneficiary designations (such as on life insurance or retirement accounts), inter vivos gifting strategies, joint titling strategies, and certain inter vivos revocable or irrevocable trusts. In fact, frequently you will find that at least some of your assets already utilize some of these probate-avoidance devices. It is important that you know how - and to whom - each of your assets will be transferred upon your death. Only then can you begin to coordinate, and thereby direct, exactly how your estate will be ultimately distributed.