If I have passed away with out a Last Will and Testament, will the government take care of the distribution of my assets?
This is true that the state will distribute your estate, HOWEVER, state law will decide who will inherit your assets, and you will have no control over the distribution unless you have a properly executed Will. You can lose a life time of savings, and your family could fight over assets in the estate which can result in leaving less to your loved ones due to legal fees and taxes.
When I become ill, the government will take care of me!
This is not true unless you plan; Planning correctly qualifies you for Medicaid. If there is no plan in place, it may cost you a lifetime of savings and assets. Medicaid does not pay for long term nursing home stay.
I will wait until I become ill, then I will prepare a medical plan.
The five year look back period can disqualify you from receiving any Medicaid benefits. The cost of a nursing home is at least $10,000 a month.
When I pass away, my wife or husband will get it all.
Typically, when you die without a Will, the law divides your estate between the surviving spouse and any living children. However, many people are surprised to learn that even if you die without children, your spouse generally will not inherit the entire estate.